Eidson, Tennessee Property Taxes
The median property tax rate in Eidson, TN is 0.55%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Eidson, the typical annual property tax bill amounts to $492, far below the national median of $2,690. Property taxes in Eidson are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Eidson'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 Eidson or another part of Hancock County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Eidson, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$488
Ownwell’s Eidson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Eidson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Eidson 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 Eidson, Tennessee
Property taxes in Eidson, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Eidson is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Eidson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Eidson 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 Eidson's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37731 has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Eidson provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Eidson Tax Rate
0.55%
Average Hancock County Tax Rate
0.55%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Eidson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37731 | 0.55% | 0.55% | 0.55% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Eidson, Tennessee
In Eidson, 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 Hancock 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 Eidson, 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. Eidson's property tax bills vary, with the highest median tax bill of $492 found in the 37731 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Eidson Assessed Value
$88,650
Average Hancock County Assessed Value
$96,450
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Eidson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37731 | $40,410 | $53,275 | $88,650 | $124,150 | $199,440 |
Source: Ownwell
Property Tax Bills Across Eidson, Tennessee
In Eidson, located in Hancock County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Eidson is $88,650. The local property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Eidson typically see tax bills ranging from $294 at the 25th percentile to $695 at the 75th percentile, with the 90th percentile reaching up to $1,107. These figures indicate that while some homeowners may have relatively low tax bills, others could face higher costs depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Eidson's property tax rates and resulting bills can offer some relief to homeowners, making it an attractive place for those looking to manage their property tax expenses effectively.
Average Eidson Tax Bill
$492
Average Hancock County Tax Bill
$528
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Eidson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37731 | $209 | $294 | $492 | $695 | $1,107 |
Source: Ownwell