Three Way, Madison County, Tennessee Property Taxes

Name: Property Tax Bills Across Three Way, Madison County, Tennessee
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Three Way, TN effective property tax rate: 0.57%, significantly lower than the national median of 1.02%, but lower than the Tennessee state median of 0.64%. Median Three Way, TN home value: $132,950. Median annual Three Way, TN tax bill: $760, $1,640 lower than the national median property tax bill of $2,400.

How are property taxes in Madison County calculated?

Property taxes in Three Way, TN are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Three Way’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Three Way, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Three Way, Madison County, Tennessee Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.57%

Estimate Property Tax Bill

$758

$703

Ownwell’s Three Way Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Three Way with just two data points. By entering your property's estimated assessed value, our calculator applies Three Way’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by Madison County — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Three Way, Madison County, Tennessee

Local government entities determine property tax rates, which can vary significantly across different areas. This variance is due to each county's annual budgetary needs, which are divided by the total value of all taxable property within the county to establish the property tax rate. Although votes and legal frameworks play a role in determining these rates and budgets, this is the core of the annual process.

In Three Way, located in Madison County, TN, the effective property tax rate offers a unique perspective when compared to other cities in Tennessee and across the nation. The median property tax rate in Tennessee is noticeably lower than the national median of 1.02%. This difference highlights the state's relatively lower property tax burden, which can be appealing to property owners seeking to minimize their expenses.

Understanding how Three Way's property tax rate stacks up against state and national figures can provide valuable insights for homeowners. It underscores the importance of considering local tax rates when evaluating property costs, as these can significantly impact overall affordability and long-term financial planning.

Property Tax Rates Across Three Way, Madison County, Tennessee

Source: Ownwell

0.47%

0.67%

0.87%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Three Way Tax Rate

0.57%

Median Effective Madison County Tax Rate

0.87%

Median Effective Tennessee Tax Rate

0.64%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Three Way, Madison County, Tennessee

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
38343	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Three Way, Madison County, Tennessee

When examining property taxes in Three Way, TN, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Three Way. For example, the median home price in Three Way is $132,950, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Three Way, Madison County, Tennessee

Source: Ownwell

$43,800

$120,300

$196,800

Median Three Way Market Value

$132,950

Median Madison County Market Value

$135,000

Median Tennessee Market Value

$173,500

Median United States Market Value

$235,294

Property Tax Assessment Values Across Three Way, Madison County, Tennessee

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
38343	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Three Way, Madison County, Tennessee

In Three Way, Madison County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, and the local tax rate is applied to this assessed value to calculate the property tax bill. The median home price in this region is $132,950, and property tax bills can vary significantly. For instance, those at the 25th percentile pay around $640, while those at the 90th percentile pay approximately $954. These figures are considerably lower than the national median property tax bill of $2,400, making it a relatively affordable area for homeowners. However, any increase in assessed value or tax rate can significantly impact homeowners' finances. This is where Ownwell comes in. By providing expert property tax appeal and exemption services, Ownwell helps homeowners ensure their property is fairly assessed, potentially saving them hundreds of dollars on their annual tax bills.

Property Tax Bills Across Three Way, Madison County, Tennessee

Source: Ownwell

$205

$835

$1,464

Median Three Way Tax Bill

$760

Median Madison County Tax Bill

$848

Median Tennessee Tax Bill

$1,206

Median United States Tax Bill

$2,400

Property Tax Bills Across Three Way, Madison County, Tennessee

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
38343	N/A	N/A	N/A	N/A	N/A

Source: Ownwell