Hornsby, Tennessee Property Taxes
The median property tax rate in Hornsby, TN is 0.62%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $94,300 in Hornsby, the typical annual property tax bill is $554, significantly below the national median of $2,690. Property taxes in Hornsby are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hornsby's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hornsby or another part of Chester County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hornsby, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Hornsby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hornsby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hornsby to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hornsby, Tennessee
Property taxes in Hornsby, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hornsby is 0.62%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hornsby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hornsby estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Hornsby's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38044 has both the highest and lowest median property tax rate of 0.62%. Understanding how these areas compare with Hornsby provides valuable insights into the varying tax landscape across Chester County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hornsby Tax Rate
0.62%
Average Chester County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | 0.37% | 0.62% | 0.62% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Hornsby, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hornsby, Tennessee. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Chester County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Hornsby, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Hornsby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hornsby is $94,300, with the 25th percentile tax bill at $388 and the 75th percentile at $745. The zip code with both the highest and lowest median tax bills is 38044, with a median tax bill of $554.
Average Hornsby Assessed Value
$94,300
Average Chester County Assessed Value
$125,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | $32,660 | $64,950 | $94,300 | $154,900 | $226,860 |
Source: Ownwell
Property Tax Bills Across Hornsby, Tennessee
In Hornsby, Chester County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local property tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $94,300, homeowners can expect varying tax bills. The 25th percentile tax bill is approximately $388, while the 75th percentile reaches around $745. At the 90th percentile, tax bills can climb to $1,253. Factors influencing these amounts include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hornsby's rates can be more favorable for homeowners, offering potential savings. However, higher-value properties will naturally incur higher tax bills. Understanding these factors helps homeowners budget effectively and anticipate their annual property tax obligations.
Average Hornsby Tax Bill
$554
Average Chester County Tax Bill
$763
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | $203 | $388 | $554 | $745 | $1,253 |
Source: Ownwell