Henning, Tennessee Property Taxes
The median property tax rate in Henning, TN is 0.63%, 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 $61,500 in Henning, the typical annual property tax bill amounts to $338, significantly below the national median of $2,690. Property taxes in Henning are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Henning'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 Henning or another part of Lauderdale County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henning, 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 Henning Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henning with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henning 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 Henning, Tennessee
Property taxes in Henning, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henning is 0.63%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Henning set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henning 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 Henning's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38041 zip code has the highest median property tax rate of 0.63%, while the lowest median tax rate is also found in the 38041 zip code at 0.63%. Understanding how these cities compare with Henning provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henning Tax Rate
0.63%
Average Lauderdale County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henning, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38041 | 0.52% | 0.53% | 0.63% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Henning, Tennessee
In Henning, 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 Lauderdale 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 Henning, 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 Henning helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38041 at $338.00, while the lowest is also 38041 at $338.00.
Average Henning Assessed Value
$61,500
Average Lauderdale County Assessed Value
$73,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henning, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38041 | $20,160 | $34,600 | $61,500 | $101,500 | $155,520 |
Source: Ownwell
Property Tax Bills Across Henning, Tennessee
Property tax bills in Henning, Lauderdale County, TN, are calculated based on the assessed value of a property, which is derived from its market value. The assessment ratio in Tennessee is 25% for residential properties. This means if a home in Henning has a market value of $61,500, its assessed value would be $15,375. The local tax rate is then applied to this assessed value to determine the tax bill. For example, homeowners in Henning may see tax bills ranging from $194 at the 25th percentile to $611 at the 75th percentile, with the 90th percentile reaching up to $954. These figures highlight the variability in property tax bills, influenced by factors such as property size, location, and improvements. With the national median property tax rate at 0.99%, Henning's property tax rates can significantly impact homeowners, making it crucial for them to understand how their tax bills are determined and to explore potential exemptions or appeals to manage their financial obligations better.
Average Henning Tax Bill
$338
Average Lauderdale County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Henning, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38041 | $110 | $194 | $338 | $611 | $954 |
Source: Ownwell