Tennessee Property Tax
Property tax is a vital source of revenue for local governments in Tennessee. It is based on the value of your home and land, as determined by county assessors.
In recent years, Tennessee property taxes have risen by double-digit percentage points. These increases have resulted from the rapid rise in property values, which are often caused by stricter zoning regulations and a shortage of affordable housing options. Many homeowners have also been hit with higher utility rates and state sales and excise taxes. One way to protect yourself against rising property taxes in Tennessee is to stay informed about the state’s tax code. It is important to understand how your county’s property tax is calculated and how it compares to other states. By following this advice, you can make better decisions about your financial future.
Another way to mitigate the impact of rising property taxes is to consider the state’s property tax relief program. Under this program, homeowners who are 65 or older can have their property taxes frozen at the previous year’s amount if they meet certain eligibility requirements. To qualify, homeowners must be able to prove their eligibility by providing proof of age and income.
How to Pay Tennessee Property Taxes?
Tennessee Property tax statements are mailed in October each year. The collection period runs from October through February. If the taxes are not paid in full by the end of February, interest is assessed. The Trustee’s office offers several payment options, including online and mobile payments. Those who prefer to pay in person can do so at the property and business tax window in the Municipal Building. In-person payments can be made using cash, check or money order. Credit cards and E-checks are also accepted but will be subject to a convenience fee.
The Metropolitan Trustee’s office has partnered with First Horizon Bank (formerly First Tennessee) to accept tax payments. The service is available at any of the bank’s financial centers in Metro Davidson County. Original Tennessee Property Tax coupons must be presented when making a payment, and copies of statements, emailed statements, or website printouts cannot be used.
Tennessee Property Tax Due Dates
If you are a property owner in Tennessee, it’s important to stay informed of the different deadlines and flexible payment options associated with this tax. Failure to make timely payments can result in late fees and penalties. For example, Tennessee property taxes are due annually from October 1 through the end of February, and late payments accrue interest at a rate of 1.5% per month beginning March 1. You can avoid these fees by staying informed about payment deadlines and utilizing payment options that allow for flexible financial management.
