Tennessee (TN) Property Tax Info

Tennessee Property Tax Rate

Tennessee’s property taxes are low compared to national rankings. The median annual property tax payment in Tennessee is just $1,220, about half the national average.

Tennessee has some of the lowest property taxes in the U.S. The median annual property tax paid by homeowners in Tennessee is $1,220, about half the national average. The average effective property tax rate in Tennessee is 0.64%.

How does the Tennessee Property Tax Rules works?

County officials are responsible for administering the property tax in Tennessee, starting with the county assessor. The county assessor in each county is responsible for assigning a value to each property, on which taxes are based.

Tax rates are calculated by the County Commission, depending on the funding needs of local government bodies and the total value of assessed property in a district.

Rates are expressed as dollars per $100 of assessed value. If your mill rate is $3.00 and your assessed value is $25,000, your total taxes will be $750 per year.

Taxes are not applied to that full market value, rather to the assessed value. For residential property, assessed value is equal to 25% of market value. Thus, if your county assessor appraises your property at $100,000, your assessed value will be $25,000. Your tax rate applies to that amount.