Paris, Tennessee Property Taxes
The median property tax rate in Paris, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Paris at $73,900, the typical annual property tax bill reaches $364, significantly below the national median of $2,690. Property taxes in Paris 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 Paris'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 Paris or another part of Weakley County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Paris, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$362
$336
Ownwell’s Paris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Tennessee
Property taxes in Paris, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris is 0.49%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38242 zip code has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these cities compare with Paris 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 Paris Tax Rate
0.49%
Average Weakley County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Tennessee
In Paris, 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 Appraisal District 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 Paris, 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. Paris has a median home price of $73,900. The zip code with the highest median tax bill is 38242, with a median bill of $364. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Paris Assessed Value
$73,900
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 Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | $18,710 | $39,050 | $73,900 | $148,300 | $202,750 |
Source: Ownwell
Property Tax Bills Across Paris, Tennessee
In Paris, TN, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by the county's tax assessor. For instance, in Weakley County, where Paris is located, the median home price is $73,900. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements. Additionally, tax rates can vary within the county, leading to differences in tax bills. For example, in Paris, the tax bill at the 25th percentile is $192, while at the 75th percentile, it is $749, and at the 90th percentile, it reaches $1088. The highest and lowest median tax bills in Paris are both $364, as seen in the zip code 38242. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners need to be aware of these factors as they significantly impact their annual financial planning.
Average Paris Tax Bill
$364
Average Weakley County Tax Bill
$523
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38242 | $92 | $192 | $364 | $749 | $1,088 |
Source: Ownwell