Martin, Tennessee Property Taxes
The median property tax rate in Martin, TN is 0.93%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Martin at $91,900, the typical annual property tax bill is $687, significantly below the national median of $2,690. Property taxes in Martin are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Martin'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 Martin or another part of Weakley County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martin, 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 Martin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martin 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 Martin, Tennessee
Property taxes in Martin, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martin is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Martin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martin 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 Martin's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38237 zip code has a median property tax rate of 0.93%, identical to Martin's rate. Understanding how these cities compare with Martin provides valuable insights into the varying tax landscape across Weakley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martin Tax Rate
0.93%
Average Weakley County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38237 | 0.49% | 0.49% | 0.93% | 0.93% | 0.93% |
| 38238 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Martin, Tennessee
In Martin, 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 Weakley County Assessor's Office 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. 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. Martin's median home price is $91,900, with tax bills ranging from $418 at the 25th percentile to $1,665 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38237, both at $688. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Martin Assessed Value
$91,900
Average Weakley County Assessed Value
$76,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38237 | $38,400 | $59,900 | $92,000 | $143,300 | $217,110 |
| 38238 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Martin, Tennessee
In Martin, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $91,900, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $418, while at the 75th percentile, it can reach $1,145, and at the 90th percentile, it climbs to $1,665. These tax bills are influenced by various factors, including property location, improvements, and market conditions. The highest and lowest median tax bills in Weakley County are both $688, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make Martin an attractive place for homeowners, offering affordability while still contributing to local services and infrastructure.
Average Martin Tax Bill
$687
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38237 | $256 | $418 | $688 | $1,145 | $1,666 |
| 38238 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell