Hampton, Tennessee Property Taxes
The median property tax rate in Hampton, TN is 0.59%, which is considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hampton at $47,400, the typical annual property tax bill is $369, significantly below the national median of $2,690. Property taxes in Hampton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hampton'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 Hampton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampton, 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 Hampton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampton 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 Hampton, Tennessee
Property taxes in Hampton, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 0.59%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37658 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Hampton provides valuable insights into the varying tax landscape across Unicoi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
0.59%
Average Unicoi County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37658 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Tennessee
In Hampton, 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 Unicoi 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 Hampton, 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. For instance, the median home price in Hampton is $47,400, with tax bills ranging from $224 at the 25th percentile to $898 at the 90th percentile. The zip code 37658 has both the highest and lowest median tax bill, at $369. 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hampton Assessed Value
$47,400
Average Unicoi County Assessed Value
$91,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37658 | $20,050 | $38,025 | $47,400 | $96,825 | $148,110 |
Source: Ownwell
Property Tax Bills Across Hampton, Tennessee
In Hampton, Tennessee, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Hampton stands at $47,400. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Hampton, the property tax bill varies significantly. At the 25th percentile, the tax bill is around $224, while it reaches $632 at the 75th percentile. For those at the 90th percentile, the bill can be as high as $898. Compared to the national median property tax rate of 0.99%, Hampton's property tax bills are relatively modest, providing some financial relief to homeowners. Understanding how property tax bills are determined helps homeowners anticipate their annual expenses and manage their budgets more effectively. Accurate assessments ensure that tax contributions are fair and equitable across the community.
Average Hampton Tax Bill
$369
Average Unicoi County Tax Bill
$553
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37658 | $102 | $224 | $369 | $632 | $898 |
Source: Ownwell