Tipton County, Tennessee Property Taxes
The median property tax rate in Tipton County is 0.51%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Tipton County at $143,800, the typical annual property tax bill reaches $880, considerably less than the national median of $2,690. Property taxes in Tipton County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Tipton County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Covington or another part of Tipton County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tipton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$733
$681
Ownwell’s Tipton County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Tipton County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Tipton County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Tipton County, Tennessee
Property taxes in Tipton County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Tipton County is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Tipton County set these rates annually, and they can vary significantly between different areas within the county. Each year, Tipton County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Tipton County's effective property tax rate with other counties and the national median. For comparison, the city of Somerville has one of the higher property tax rates in Tennessee at 0.88%, while the city of Stanton boasts one of the lowest at 0.51%. Analyzing how Tipton County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Tipton County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atoka | 0.51% | 0.77% | 0.77% | 0.77% | 0.77% |
| Brighton | 0.51% | 0.51% | 0.51% | 0.76% | 0.76% |
| Burlison | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| Covington | 0.51% | 0.51% | 0.51% | 0.82% | 0.82% |
| Drummonds | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| Mason | 0.51% | 0.51% | 0.51% | 0.88% | 0.88% |
| Millington | 0.51% | 0.51% | 0.51% | 0.51% | 0.77% |
| Munford | 0.51% | 0.51% | 0.80% | 0.80% | 0.80% |
| Somerville | N/A | N/A | N/A | N/A | N/A |
| Stanton | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Tipton County, Tennessee
In Tipton County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Tipton County Appraisal District. The assessed value, however, 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. Assessment notices in Tipton County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Tipton County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Tipton County, Atoka has the highest median tax bill at $1,578, while Stanton has the lowest at $495.
Property Tax Assessment Values Across Tipton County, Tennessee
Source: Ownwell
$83,900
$147,700
$211,500
Average Tipton County Assessed Value
$143,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipton County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atoka | $110,600 | $159,700 | $211,500 | $263,500 | $325,350 |
| Brighton | $60,400 | $96,000 | $150,500 | $213,100 | $294,560 |
| Burlison | $15,900 | $58,700 | $104,300 | $172,175 | $238,760 |
| Covington | $35,900 | $64,850 | $103,400 | $159,750 | $251,840 |
| Drummonds | $14,200 | $66,150 | $127,900 | $198,600 | $263,940 |
| Mason | $13,900 | $48,200 | $83,900 | $118,100 | $201,500 |
| Millington | $18,900 | $77,175 | $142,950 | $194,450 | $253,920 |
| Munford | $63,330 | $116,625 | $161,250 | $207,475 | $280,670 |
| Somerville | N/A | N/A | N/A | N/A | N/A |
| Stanton | $16,300 | $61,400 | $97,300 | $157,400 | $243,600 |
Source: Ownwell
Property Tax Bills Across Tipton County, Tennessee
In Tipton County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tipton County is $143,800. Homeowners' tax bills can vary significantly, influenced by factors such as property location and home value. For instance, the 25th percentile tax bill is around $498, while it climbs to $1,361 at the 75th percentile, and reaches $1,896 at the 90th percentile. The highest median tax bill in the county is $1,578 in Atoka, whereas Stanton has the lowest at $495. Homeowners in Tipton County might find their property tax bills lower than the national median property tax rate of 0.99%. However, the variation in tax bills within the county can still significantly impact household budgets. Understanding how these assessments are made and staying informed about local tax rates can help homeowners manage their finances more effectively.
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton County, Tennessee
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Atoka | $709 | $1,122 | $1,578 | $1,973 | $2,456 |
| Brighton | $332 | $520 | $894 | $1,262 | $1,637 |
| Burlison | $81 | $298 | $529 | $876 | $1,198 |
| Covington | $245 | $426 | $680 | $1,054 | $1,578 |
| Drummonds | $86 | $339 | $653 | $1,014 | $1,348 |
| Mason | $92 | $273 | $536 | $852 | $1,097 |
| Millington | $103 | $398 | $734 | $1,112 | $1,467 |
| Munford | $417 | $724 | $1,040 | $1,422 | $2,056 |
| Somerville | N/A | N/A | N/A | N/A | N/A |
| Stanton | $82 | $312 | $495 | $802 | $1,241 |
Source: Ownwell