38560 Property Tax Rate

Property owners in ZIP code 38560 (Elmwood, Tennessee) pay a median of $954/year in property taxes on homes valued at $202,700. This translates to an effective tax rate of 0.47%, which is 14% below the Tennessee state average of 0.55%.

The monthly property tax burden for a median-valued home in 38560 is approximately $80, which factors into escrow payments on mortgages. This ZIP code is located within Smith County. This is $252 less than the Tennessee average of $1,206/year.

Compared to similar ZIP codes in Tennessee, 38560 has higher property taxes. ZIP codes with similar effective rates include 37047 (0.47%) and 37690 (0.47%).

In Elmwood, property taxes represent approximately 1.5% of the median household income of $65,221, providing context for the relative tax burden on homeowners in this area.

Smith County reassesses every four years with no annual statutory cap; your assessed value resets to market value when you buy and changes only at the next reassessment cycle. Smith County homeowners receive a $25,000 homestead exemption for primary residences — file your application with the Smith County Assessor immediately after purchase to reduce your assessed value. Request written confirmation from the Smith County Assessor that your exemption is active and verify it appears on your first tax bill.