Tennessee variant. This is a Tennessee-specific version of the Property Tax Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Property Tax Calculator.
Tennessee's effective property tax rate of 0.67% means the owner of a median $320,000 home pays roughly $2,144 per year - a figure that varies widely by state.
How Tennessee property tax is calculated
Property tax = assessed value × local millage rate. The 0.67% effective rate shown here is the statewide average of tax paid relative to market value, which smooths over county-by-county differences.
On the $320,000 Tennessee median home, that works out to about $2,144/year or $179/month - often escrowed into your mortgage payment.
About taxes and housing in Tennessee
Tennessee levies no state income tax on wages, having fully repealed its tax on interest and dividend income in 2021.
Tennessee's effective property tax rate is relatively low near 0.67%, with median home values around $320,000.
Tennessee's economy includes music and tourism in Nashville and Memphis, automotive manufacturing, and healthcare.
Worked example: tax on a $320,000 home
$320,000 × 0.67% = $2,144 per year. A $500,000 home in Tennessee would owe about $3,350 annually at the same effective rate.
Quick reference
- State income tax: No state income tax (eliminated Hall tax in 2021)
- State sales tax: 7% (plus 2.55% avg local)
- Median home value: $320,000
- Median household income: $67,631
- Effective property tax rate: 0.67%
- Avg auto insurance: $1,373/yr
Frequently Asked Questions
What is the property tax rate in Tennessee?
Tennessee's effective property tax rate averages 0.67% of market value per year.
How much property tax on a $320,000 home in Tennessee?
About $2,144 per year at the 0.67% effective rate.