Mcminnville, Tennessee Property Taxes
The median property tax rate in McMinnville, TN is 0.46%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in McMinnville at $110,000, the typical annual property tax bill amounts to $446, well below the national median of $2,690. Property taxes in McMinnville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding McMinnville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of McMinnville 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
Mcminnville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$506
Ownwell’s McMinnville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McMinnville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McMinnville 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 Mcminnville, Tennessee
Property taxes in McMinnville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMinnville is 0.46%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within McMinnville set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMinnville 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 McMinnville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37110 has both the highest and lowest median property tax rate of 0.46%. Understanding how these cities compare with McMinnville provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mcminnville Tax Rate
0.46%
Average Warren County Tax Rate
0.46%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | 0.46% | 0.46% | 0.46% | 0.46% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Mcminnville, Tennessee
In McMinnville, 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 Warren County Assessor of Property 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 McMinnville, 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 McMinnville is $110,000, with the 25th percentile tax bill at $308 and the 75th percentile tax bill at $656. The highest and lowest median tax bills are both $446, found in the 37110 zip code. 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 McMinnville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mcminnville Assessed Value
$110,000
Average Warren County Assessed Value
$110,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $44,200 | $72,500 | $110,000 | $171,400 | $264,280 |
Source: Ownwell
Property Tax Bills Across Mcminnville, Tennessee
Property tax bills in McMinnville, located in Warren County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the Warren County Assessor's office, which evaluates the property's market value and then applies an assessment ratio. In Tennessee, the assessment ratio for residential properties is typically 25% of the market value. For example, a home with a market value of $110,000 would have an assessed value of $27,500. The local tax rate is then applied to this assessed value to determine the annual property tax bill. In McMinnville, the median property tax bill is $446, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in McMinnville can expect tax bills ranging from $308 at the 25th percentile to $957 at the 90th percentile. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life and community development.
Average Mcminnville Tax Bill
$446
Average Warren County Tax Bill
$446
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcminnville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37110 | $211 | $308 | $446 | $656 | $957 |
Source: Ownwell