Munford, Tipton County, Tennessee Property Taxes
The median property tax rate in Munford, TN is 0.80%, slightly lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Munford at $161,250, the typical annual property tax bill reaches $1,040, which is below the national median of $2,690. Property taxes in Munford are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Munford'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 Munford or another part of Tipton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Munford, Tipton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$1,290
$1,197
Ownwell’s Munford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Munford with just two data points. By entering your property’s estimated assessed value, the calculator applies the median tax rate in Munford 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Munford, Tipton County, Tennessee
Property taxes in Munford, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Munford is 0.80%, which is below the U.S. national median of 0.99%. Local government entities within Munford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Munford 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 Munford's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38058 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Munford provides valuable insights into the varying tax landscape across Tipton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Munford Tax Rate
0.80%
Average Tipton County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Munford, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38058 | 0.51% | 0.51% | 0.80% | 0.80% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Munford, Tipton County, Tennessee
In Munford, 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 Tipton 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 Munford, 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. For instance, the median home price in Munford is $161,250. The tax bill at the 25th percentile is $724, and at the 75th percentile, it reaches $1,422, with the 90th percentile tax bill climbing to $2,056. Notably, the zip code 38058 has the highest median tax bill at $1,040, which is also the lowest median tax bill in the area. By understanding 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 Munford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Munford, Tipton County, Tennessee
Source: Ownwell
$83,900
$147,700
$211,500
Average Munford Assessed Value
$161,250
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 Munford, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38058 | $63,330 | $116,625 | $161,250 | $207,475 | $280,670 |
Source: Ownwell
Property Tax Bills Across Munford, Tipton County, Tennessee
In Munford, located in Tipton County, TN, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Munford stands at $161,250. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $724, while at the 75th percentile, it rises to $1,422. Those at the 90th percentile see tax bills reaching up to $2,056. Several factors influence these tax bills, including the assessed value of the property, the local tax rate, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Munford's tax rates are relatively moderate. This means that homeowners in Munford may find their property tax bills more manageable compared to other regions with higher rates. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Munford Tax Bill
$1,040
Average Tipton County Tax Bill
$880
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Munford, Tipton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38058 | $417 | $724 | $1,040 | $1,422 | $2,056 |
Source: Ownwell