Minor Hill, Tennessee Property Taxes
The median property tax rate in Minor Hill, TN is 0.50%, which is notably lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With the median home value in Minor Hill, the typical annual property tax bill amounts to $710, significantly below the national median of $2,690. Property taxes in Minor Hill are based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Minor Hill's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Minor Hill or another part of Giles County, grasping the local property tax nuances will be beneficial.
Last Updated June 14, 2024
Minor Hill, 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 Minor Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minor Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minor Hill 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 Minor Hill, Tennessee
Property taxes in Minor Hill, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minor Hill is 0.50%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Minor Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minor Hill 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 Minor Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38473 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Minor Hill provides valuable insights into the varying tax landscape across Giles County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minor Hill Tax Rate
0.50%
Average Giles County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Minor Hill, Tennessee
In Minor Hill, Tennessee, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 local appraisal authorities 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 Minor Hill, 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 Minor Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the median home price in Minor Hill is $145,200. The tax bill for the 25th percentile is $502, while the 75th percentile sees a tax bill of $1,016. The highest and lowest median tax bills both stand at $710 in the 38473 zip code.
Average Minor Hill Assessed Value
$145,200
Average Giles County Assessed Value
$155,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | $67,620 | $101,750 | $145,200 | $205,250 | $318,820 |
Source: Ownwell
Property Tax Bills Across Minor Hill, Tennessee
In Minor Hill, located in Giles County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and represents a percentage of the property's market value. For a median home price of $145,200, the property tax rate is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including changes in the market value of properties, local tax rates, and any applicable exemptions or deductions. The tax bill can significantly impact homeowners, with the 25th percentile paying around $502 annually and the 75th percentile paying approximately $1,016. At the 90th percentile, the tax bill can reach up to $1,598. Comparatively, the median property tax bill in Minor Hill stands at $710, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can be a financial relief for homeowners in the area, making it an attractive place to live.
Average Minor Hill Tax Bill
$710
Average Giles County Tax Bill
$838
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | $323 | $502 | $710 | $1,016 | $1,598 |
Source: Ownwell