Property Tax and Proration Calculators
Property taxes in Tennessee are calculated utilizing the following four components:
Appraised Value
Appraised values are developed each county-wide revaluation cycle using qualified, arms-length sales of land and improved property, the Marshall & Swift cost manual, or Income & Expense information in accordance with mass appraisal standards set forth in Tennessee law.
Assessment Ratio
The assessment ratio for each different class of property is established by the Tennessee Constitution, Art.2, § 28 and TCA 67-5-801 state law as follows:
| | Real Property | | | Tangible Personal Property |
|---|
| Ratio | Property Classification | | Ratio | Property Classification |
|---|
| 25% | Residential/Farm | | 30% | Commercial/Industrial |
| 40% | Commercial/Industrial | | 55% | Public Utility |
| 55% | Public Utility | | | |
Assessed Value
The assessed Value is calculated by multiplying the appraised value by the assessment ratio.
Tax Rate
The tax rate for each county and municipality is set by the County Commission or the City Council based on the amount of monies budgeted to fund the provided services. These tax rates vary depending on the level of services provided and the total value of the county’s tax base.
The current tax rates for 2023 are as follows:
- County: $2.99
- City: $1.23
- Combined Rate: $4.22
Calculating Property Tax Example
The example below is for a typical residential property with an Appraised Value of:
$100,000.00
and the most recent Montgomery County Tax Rate of:
$2.99 per $100 of assessed value or .0299
Step 1
Multiply the Appraised Value times the Assessment Ratio
$100,000 X 25% = $25,000
This gives you the property’s Assessment Value
Step 2
Multiply the Assessment Value times the Tax Rate
$25,000 X (2.99/100) = $748 (rounded to nearest dollar)
or
$25,000 X .0299 = $748
This gives you the amount of the county property tax bill for this particular property.
*PLEASE NOTE
If your property is also in the city, follow the same steps, using the 2023 city tax rate of $1.23 to figure your city property tax bill.
The billing amount you receive on your actual tax bills may vary slightly based on the method used for rounding.
The tax rates for the current tax year are established by the County Commission and City Council in July of that year. The best possible estimate of taxes made between January 1st and July is done by utilizing the tax rates from the previous year.
Calculate Your Property Taxes
Calculate property tax based on:
Proration Calculator
Enter Total Appraised Value:
Select Date(defaults to today):
Through Date Selected:
Remainder of Calendar Year:
Property Tax Calculator
Property Classification
Residential Farm Commercial/Industrial Tangible Personal Property Exempt
Within city limits?
Yes
No
Appraised Value:
Calculated Values
Assessed Value:
County Property Tax:
City Property Tax:
Estimated Total Property Tax: