Thorn Hill, Tennessee Property Taxes
The median property tax rate in Thorn Hill, TN is 0.59%, which is notably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Thorn Hill at $90,000, the typical annual property tax bill amounts to $483, significantly less than the national median of $2,690. Property taxes in Thorn Hill 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 Thorn Hill'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 Thorn Hill or another part of Grainger County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thorn Hill, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$531
Ownwell’s Thorn Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorn Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorn Hill 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 Thorn Hill, Tennessee
Property taxes in Thorn Hill, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorn Hill is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Thorn Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorn Hill 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 Thorn Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37881 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Thorn Hill provides valuable insights into the varying tax landscape across Grainger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thorn Hill Tax Rate
0.59%
Average Grainger County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorn Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37881 | 0.53% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Thorn Hill, Tennessee
In Thorn Hill, 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 Grainger 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 Thorn Hill, 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. Thorn Hill's median home price is $90,000, with tax bills ranging from $223 at the 25th percentile to $1,143 at the 90th percentile. The highest and lowest median tax bills are both $483 in the 37881 zip code. 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 Thorn Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thorn Hill Assessed Value
$90,000
Average Grainger County Assessed Value
$110,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thorn Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37881 | $22,620 | $46,600 | $90,000 | $142,200 | $198,060 |
Source: Ownwell
Property Tax Bills Across Thorn Hill, Tennessee
In Thorn Hill, property tax bills are calculated based on the assessed value of the property. The local tax rate, set by Grainger County authorities, is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value and any applicable exemptions. Homeowners in Thorn Hill with a median home price of $90,000 can expect varying tax bills. For instance, tax bills at the 25th percentile are around $223, while those at the 75th percentile reach up to $815. At the 90th percentile, the tax bill can be as high as $1,143. Comparing these figures to the national median property tax rate of 0.99%, Thorn Hill's tax bills may appear relatively modest. Nevertheless, the impact on homeowners can be significant, particularly for those with higher-valued properties. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Thorn Hill Tax Bill
$483
Average Grainger County Tax Bill
$597
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorn Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37881 | $69 | $223 | $483 | $815 | $1,143 |
Source: Ownwell