Tennessee mortgage payment calculator

Tennessee at a glance

Median home price

$383,600

Typical closing costs

2%–5% of price

Transfer tax

0.37% of sale price, customarily paid by buyer

Closing custom

escrow

Homestead exemption

Tennessee has no broad ad-valorem homestead exemption that reduces assessed value for all owner-occupants (unlike FL or TX). Instead it offers the Property Tax Relief Program, administered by the state Comptroller, which reimburses (pays directly to the county trustee on the homeowner's behalf) a portion of property tax for qualifying low-income elderly (65+) homeowners, disabled homeowners, disabled veterans, and surviving spouses of veterans — disabled veterans and their surviving spouses are exempt from the income limit; other applicants must meet an income cap (~$36,760 as of the most recent figure found). Separately, many counties/municipalities offer a local-option Tax Freeze Program for homeowners 65+ or disabled (income limit ~$47,030) that freezes (does not reduce) the assessed value used for tax billing. Neither applies automatically — apply annually through the county Trustee's office, typically due by April 5.