Saltillo, Tennessee Property Taxes
The median property tax rate in Saltillo, TN is 0.72%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $52,400 in Saltillo, the typical annual property tax bill amounts to $493, significantly below the national median of $2,690. Property taxes in Saltillo are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Saltillo's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Saltillo or another part of Hardin County, being well-versed in the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Saltillo, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$377
Ownwell’s Saltillo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saltillo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saltillo 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 Saltillo, Tennessee
Property taxes in Saltillo, Tennessee, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Saltillo is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Saltillo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saltillo 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 Saltillo's effective property tax rate to other areas in Hardin County and the national median. For comparison, the 38370 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Saltillo provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saltillo Tax Rate
0.72%
Average Hardin County Tax Rate
0.70%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | 0.60% | 0.67% | 0.72% | 0.84% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Saltillo, Tennessee
In Saltillo, 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 the Hardin County Assessor's Office 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 Saltillo, 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 Saltillo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $493.00, found in the 38370 zip code.
Average Saltillo Assessed Value
$52,400
Average Hardin County Assessed Value
$89,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | $16,640 | $31,400 | $52,400 | $88,550 | $147,480 |
Source: Ownwell
Property Tax Bills Across Saltillo, Tennessee
In Saltillo, located in Hardin County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With a median home price of $52,400, homeowners can expect their property tax bills to vary. The tax bill at the 25th percentile is $313, while at the 75th percentile, it rises to $754. For those at the 90th percentile, the tax bill can reach $1,088. These figures are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. The median tax bill in the area is $493, which is significantly lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making homeownership more affordable in Saltillo. Understanding these calculations helps homeowners budget effectively and anticipate their annual financial obligations.
Average Saltillo Tax Bill
$493
Average Hardin County Tax Bill
$809
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Saltillo, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38370 | $147 | $313 | $493 | $754 | $1,088 |
Source: Ownwell