37866 Property Tax Rate

Property owners in ZIP code 37866 (Sharps Chapel, Tennessee) pay a median of $965/year in property taxes on homes valued at $278,300. This translates to an effective tax rate of 0.35%, which is 37% below the Tennessee state average of 0.55%.

The monthly property tax burden for a median-valued home in 37866 is approximately $80, which factors into escrow payments on mortgages. This ZIP code is located within Union County. This is $241 less than the Tennessee average of $1,206/year.

Compared to similar ZIP codes in Tennessee, 37866 has higher property taxes. ZIP codes with similar effective rates include 38587 (0.35%) and 37764 (0.35%).

In Sharps Chapel, property taxes represent approximately 1.1% of the median household income of $85,978, providing context for the relative tax burden on homeowners in this area.

Tennessee assesses property at 25% of market value with no cap on annual increases, meaning Union County will reassess your property at purchase price and may increase taxes annually based on the assessor's valuation. Union County residents aged 65+ and those with disabilities qualify for a Homestead Exemption that reduces taxable assessed value — apply at the Union County Assessor's office with birth certificate or disability certification. File your exemption application immediately after closing and request a reassessment review from the Union County Assessor to confirm the purchase price was properly recorded.