Memphis, Tennessee Property Taxes
The median property tax rate in Memphis, TN is 1.52%, considerably higher than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Memphis at $93,000, the typical annual property tax bill reaches $1,349, exceeding the national median of $2,690. Property taxes in Memphis are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Memphis's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Memphis or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Memphis, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Shelby County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Memphis, Tennessee
Property taxes in Memphis, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 1.52%, significantly higher than the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Memphis's effective property tax rate to other areas in Shelby County and the national median. For comparison, the 38106 zip code has the highest median property tax rate of 1.52%, while the 38125 zip code has the lowest median tax rate of 0.85%. Understanding how these areas compare with Memphis provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
1.52%
Average Shelby County Tax Rate
1.52%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38103 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38104 | 1.52% | 1.52% | 1.52% | 1.52% | 2.44% |
| 38105 | 1.52% | 1.52% | 1.52% | 1.52% | 2.44% |
| 38106 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38107 | 1.52% | 1.52% | 1.52% | 1.52% | 2.10% |
| 38108 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38109 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38111 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38112 | 1.52% | 1.52% | 1.52% | 1.52% | 2.10% |
| 38113 | N/A | N/A | N/A | N/A | N/A |
| 38114 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38115 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38116 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38117 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38118 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38119 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38120 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38122 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38125 | 0.85% | 0.85% | 0.85% | 0.85% | 1.52% |
| 38126 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38127 | 0.85% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38128 | 0.85% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38133 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38134 | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
| 38135 | 0.85% | 0.85% | 0.85% | 1.28% | 1.52% |
| 38141 | 0.85% | 0.85% | 1.52% | 1.52% | 1.52% |
| 38152 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Tennessee
In Memphis, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Shelby County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Memphis, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 38120 has the highest median tax bill at $4,998, while zip code 38108 has the lowest at $538.
Average Memphis Assessed Value
$93,000
Average Shelby County Assessed Value
$147,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38103 | $150,600 | $215,100 | $283,100 | $365,200 | $487,900 |
| 38104 | $82,400 | $156,000 | $230,600 | $328,975 | $470,120 |
| 38105 | $29,040 | $39,700 | $53,500 | $115,800 | $170,360 |
| 38106 | $18,500 | $26,300 | $36,100 | $49,200 | $65,190 |
| 38107 | $17,700 | $25,000 | $70,700 | $141,500 | $209,300 |
| 38108 | $18,200 | $23,375 | $34,300 | $48,000 | $61,800 |
| 38109 | $25,700 | $39,500 | $58,900 | $75,100 | $96,400 |
| 38111 | $37,800 | $51,500 | $77,000 | $195,650 | $356,100 |
| 38112 | $25,400 | $34,800 | $62,600 | $241,800 | $379,560 |
| 38113 | N/A | N/A | N/A | N/A | N/A |
| 38114 | $18,800 | $30,300 | $44,900 | $60,700 | $86,400 |
| 38115 | $30,200 | $75,400 | $118,400 | $139,200 | $154,600 |
| 38116 | $63,700 | $83,600 | $102,500 | $130,250 | $158,400 |
| 38117 | $118,600 | $144,900 | $217,150 | $338,700 | $556,440 |
| 38118 | $27,800 | $65,600 | $77,900 | $89,575 | $103,700 |
| 38119 | $103,900 | $171,725 | $218,300 | $303,375 | $392,050 |
| 38120 | $142,100 | $236,100 | $326,600 | $493,900 | $822,910 |
| 38122 | $37,000 | $49,500 | $69,800 | $94,550 | $151,180 |
| 38125 | $139,300 | $165,300 | $195,800 | $239,475 | $305,570 |
| 38126 | $20,040 | $25,900 | $37,700 | $60,700 | $110,060 |
| 38127 | $39,330 | $49,300 | $60,000 | $72,800 | $89,000 |
| 38128 | $47,700 | $67,100 | $94,300 | $121,000 | $145,900 |
| 38133 | $27,500 | $126,600 | $139,900 | $153,550 | $167,900 |
| 38134 | $98,010 | $117,000 | $136,800 | $157,825 | $177,090 |
| 38135 | $114,600 | $129,000 | $146,800 | $172,600 | $213,420 |
| 38141 | $89,250 | $106,500 | $126,200 | $148,400 | $168,400 |
| 38152 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Memphis, Tennessee
In Memphis, located in Shelby County, property tax bills are calculated by multiplying the assessed value of a property by the local tax rate. The assessed value is determined based on a percentage of the property's market value, which is then subject to the local tax rate set by the county. For homeowners, this means that variations in property values and tax rates can significantly impact their annual tax bill. For instance, the median home price in Memphis is $93,000. Homeowners in the 25th percentile pay around $824 annually, while those in the 75th percentile see bills closer to $2,255. At the higher end, the 90th percentile tax bill reaches up to $4,113. The highest median tax bill in the area is $4,998 in the 38120 zip code, whereas the lowest is $538 in the 38108 zip code. These figures highlight the wide range of property tax obligations homeowners might face, influenced by both property values and specific local tax rates. This variability underscores the importance of understanding how property taxes are calculated and their potential impact on personal finances.
Average Memphis Tax Bill
$1,349
Average Shelby County Tax Bill
$1,907
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38103 | $2,354 | $3,324 | $4,317 | $5,572 | $7,446 |
| 38104 | $1,400 | $2,551 | $3,658 | $5,183 | $7,292 |
| 38105 | $494 | $625 | $847 | $1,802 | $2,701 |
| 38106 | $286 | $413 | $563 | $774 | $1,037 |
| 38107 | $286 | $397 | $1,129 | $2,234 | $3,292 |
| 38108 | $280 | $366 | $538 | $742 | $982 |
| 38109 | $394 | $605 | $891 | $1,145 | $1,468 |
| 38111 | $589 | $804 | $1,228 | $3,045 | $5,538 |
| 38112 | $391 | $551 | $1,063 | $3,798 | $5,926 |
| 38113 | N/A | N/A | N/A | N/A | N/A |
| 38114 | $295 | $490 | $701 | $953 | $1,384 |
| 38115 | $624 | $1,198 | $1,816 | $2,125 | $2,357 |
| 38116 | $984 | $1,279 | $1,566 | $1,989 | $2,421 |
| 38117 | $1,814 | $2,214 | $3,317 | $5,182 | $8,618 |
| 38118 | $434 | $1,011 | $1,200 | $1,386 | $1,628 |
| 38119 | $1,599 | $2,622 | $3,341 | $4,656 | $6,037 |
| 38120 | $2,165 | $3,602 | $4,998 | $7,534 | $12,558 |
| 38122 | $573 | $774 | $1,086 | $1,465 | $2,376 |
| 38125 | $1,320 | $1,545 | $1,826 | $2,315 | $2,812 |
| 38126 | $304 | $393 | $569 | $795 | $1,169 |
| 38127 | $476 | $707 | $911 | $1,109 | $1,340 |
| 38128 | $722 | $956 | $1,231 | $1,706 | $2,166 |
| 38133 | $457 | $1,928 | $2,131 | $2,341 | $2,562 |
| 38134 | $1,442 | $1,805 | $2,106 | $2,434 | $2,739 |
| 38135 | $1,001 | $1,185 | $1,385 | $1,948 | $2,577 |
| 38141 | $1,103 | $1,331 | $1,594 | $1,920 | $2,210 |
| 38152 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell