38585 Property Tax Rate

Property owners in ZIP code 38585 (Spencer, Tennessee) pay a median of $593/year in property taxes on homes valued at $137,500. This translates to an effective tax rate of 0.43%, which is 21% below the Tennessee state average of 0.55%.

The monthly property tax burden for a median-valued home in 38585 is approximately $49, which factors into escrow payments on mortgages. This ZIP code is located within Van Buren County. This is $613 less than the Tennessee average of $1,206/year.

Compared to similar ZIP codes in Tennessee, 38585 has lower property taxes. ZIP codes with similar effective rates include 38460 (0.43%) and 37336 (0.43%).

In Spencer, property taxes represent approximately 1.2% of the median household income of $51,458, 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. Van Buren County offers a Homestead Exemption of $25,000 off assessed value for primary residences — file with the Van Buren County Assessor's office. Contact the Van Buren County Assessor immediately after closing to claim the exemption and verify your assessment.