38477 Property Tax Rate

Property owners in ZIP code 38477 (Prospect, Tennessee) pay a median of $970/year in property taxes on homes valued at $204,300. This translates to an effective tax rate of 0.47%, which is 13% below the Tennessee state average of 0.55%.

The monthly property tax burden for a median-valued home in 38477 is approximately $81, which factors into escrow payments on mortgages. This ZIP code is located within Giles County. This is $236 less than the Tennessee average of $1,206/year.

Compared to similar ZIP codes in Tennessee, 38477 has lower property taxes. ZIP codes with similar effective rates include 38478 (0.47%) and 37381 (0.48%).

In Prospect, property taxes represent approximately 1.5% of the median household income of $62,875, providing context for the relative tax burden on homeowners in this area.

Tennessee reassesses property at market value upon sale, meaning your tax bill will reflect the purchase price regardless of the prior owner's assessment. Giles County offers a Homestead Exemption of $25,000 off assessed value for primary residences — file with the Giles County Assessor's office. Contact the Giles County Assessor within 30 days of closing to claim the exemption and verify your assessment.