Old Hickory, Tennessee Property Taxes
The median property tax rate in Old Hickory, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $275,500 in Old Hickory, the typical annual property tax bill amounts to $1,347, which is well below the national median of $2,690. Property taxes in Old Hickory are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Old Hickory'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 Old Hickory or another part of Wilson County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Old Hickory, 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 Old Hickory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Old Hickory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Old Hickory 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 Wilson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Old Hickory, Tennessee
Property taxes in Old Hickory, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Hickory is 0.48%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Old Hickory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Hickory 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 Old Hickory's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37138 zip code has the highest median property tax rate of 0.48%, while the 37138 zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Old Hickory provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Hickory Tax Rate
0.48%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Hickory, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37138 | 0.48% | 0.48% | 0.48% | 0.48% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Old Hickory, Tennessee
In Old Hickory, 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 Wilson 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 Old Hickory, 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 Old Hickory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Old Hickory are both $1,347 in the 37138 zip code, reflecting the uniformity in property tax assessments within the area.
Average Old Hickory Assessed Value
$275,500
Average Wilson County Assessed Value
$285,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Hickory, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37138 | $194,200 | $226,650 | $275,500 | $324,800 | $411,220 |
Source: Ownwell
Property Tax Bills Across Old Hickory, Tennessee
In Old Hickory, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Old Hickory, the median home price is $275,500. The property tax bills can vary significantly, with the 25th percentile paying around $1,086 and the 75th percentile facing bills of approximately $1,574. Those in the 90th percentile might see tax bills as high as $1,962. Interestingly, the highest and lowest median tax bills in the area are both $1,347, indicating some uniformity in tax assessments within specific zip codes. Compared to the national median property tax rate of 0.99%, Old Hickory's tax rates can be seen as relatively moderate, impacting homeowners' annual expenses and overall affordability.
Average Old Hickory Tax Bill
$1,347
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Hickory, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37138 | $926 | $1,086 | $1,347 | $1,574 | $1,962 |
Source: Ownwell