Hillsboro, Tennessee Property Taxes
The median property tax rate in Hillsboro, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hillsboro at $97,200, the typical annual property tax bill reaches $567, significantly below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro 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
Hillsboro, 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 Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Tennessee
Property taxes in Hillsboro, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37342 has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Hillsboro provides valuable insights into the varying tax landscape across Coffee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
0.58%
Average Coffee County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37342 | 0.58% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Tennessee
In Hillsboro, 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 Coffee 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 Hillsboro, 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. The median home price in Hillsboro is $97,200, and tax bills can range widely. For instance, the 25th percentile tax bill is $174, while the 75th percentile tax bill is $1,006. The median tax bill in the 37342 zip code is $567. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillsboro Assessed Value
$97,200
Average Coffee County Assessed Value
$105,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37342 | $14,000 | $30,000 | $97,200 | $172,900 | $300,300 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Tennessee
In Hillsboro, Tennessee, property tax bills are calculated based on the assessed value of a home, which is determined by the Coffee County Assessor's Office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. This rate varies but is generally influenced by the funding needs of local services such as schools, infrastructure, and emergency services. For homeowners in Hillsboro, the median home price stands at $97,200. The property tax bills can vary significantly, with the 25th percentile at $174 and the 75th percentile reaching $1,006. The highest median tax bill recorded in the area is $567, which is consistent across the 37342 zip code. These figures illustrate the potential range of property tax obligations, highlighting how local assessments and tax rates directly impact homeowners. Compared to the national median property tax rate of 0.99%, Hillsboro's property taxes can be quite variable, affecting household budgets differently.
Average Hillsboro Tax Bill
$567
Average Coffee County Tax Bill
$805
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37342 | $82 | $174 | $567 | $1,006 | $1,757 |
Source: Ownwell