Rate Breakdown

Property taxes in Tipton County are calculated by multiplying the assessed value (minus exemptions) by the total local millage rate.

How Property Tax Works in Tipton County

In Tipton County, Tennessee, property taxes are calculated based on the assessed value of a property and the applicable millage rate. The assessment process begins with the Tipton County Assessor's office determining the fair market value of a property. This value is then multiplied by the assessment ratio, which is 25% for residential and commercial properties, to arrive at the assessed value. The assessed value is then multiplied by the millage rate, which is set by the county commission, to determine the property tax amount.

The millage rate in Tipton County varies depending on the location and type of property. For example, properties located within the city limits of Covington or Munford may have a higher millage rate than those located in the county. It's essential to check with the Tipton County Assessor's office or the county trustee's office for the most up-to-date millage rates and assessment information.

Available Exemptions

Tennessee offers several exemptions that can help reduce property tax liability. These exemptions include:

• Homestead exemption: available to eligible homeowners who are 65 years or older, or totally and permanently disabled, and have an annual income of $31,600 or less.
• Senior citizen exemption: available to homeowners who are 65 years or older and have an annual income of $31,600 or less.
• Disability exemption: available to homeowners who are totally and permanently disabled and have an annual income of $31,600 or less.
• Veteran exemption: available to eligible veterans who are 100% disabled as a result of their service, or the surviving spouse of a veteran who was 100% disabled at the time of their death.

To qualify for these exemptions, property owners must meet the eligibility requirements and file an application with the Tipton County Assessor's office by the deadline.

Payment Schedule & Deadlines

Property taxes in Tipton County are due on February 28th of each year. However, property owners have the option to pay their taxes in installments. The installment plan allows property owners to make four equal payments, due on:

• February 28th
• April 30th
• June 30th
• August 31st

If property taxes are not paid by the deadline, a penalty and interest will be added to the tax amount. It's essential to pay property taxes on time to avoid any additional charges.

Appealing Your Assessment

If a property owner disagrees with their assessment, they have the right to appeal. The appeals process in Tipton County begins with filing a petition with the Tipton County Board of Equalization. The petition must be filed within 30 days of the assessment notice. The Board of Equalization will review the assessment and make a determination. If the property owner is still not satisfied with the decision, they can appeal to the State Board of Equalization. It's recommended that property owners seek the advice of a professional appraiser or attorney to guide them through the appeals process.