37318 Property Tax Rate

Property owners in ZIP code 37318 (Cowan, Tennessee) pay a median of $977/year in property taxes on homes valued at $132,200. This translates to an effective tax rate of 0.74%, which is 35% above the Tennessee state average of 0.55%.

The monthly property tax burden for a median-valued home in 37318 is approximately $81, which factors into escrow payments on mortgages. This ZIP code is located within Franklin County. This is $229 less than the Tennessee average of $1,206/year.

Compared to similar ZIP codes in Tennessee, 37318 has lower property taxes. ZIP codes with similar effective rates include 38012 (0.74%) and 37909 (0.74%).

In Cowan, property taxes represent approximately 2.4% of the median household income of $41,484, providing context for the relative tax burden on homeowners in this area.

Tennessee imposes no statewide property tax cap; the Franklin County Assessor sets valuations that may increase at each reassessment. Franklin County residents 65 or older and those with disabilities can claim the Homestead Exemption—visit the Franklin County Assessor's office to apply and reduce your taxable base. Obtain a copy of your assessment immediately after closing and file a formal appeal with the Franklin County Assessor within 30 days if the value seems excessive.