Bolivar, Tennessee Property Taxes
The median property tax rate in Bolivar, TN is 1.02%, slightly higher than the national median of 0.99% and significantly above the Tennessee state median of 0.64%. With a median home value of $64,200 in Bolivar, the typical annual property tax bill is $632, which is considerably lower than the national median of $2,690. Property taxes in Bolivar are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bolivar'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 Bolivar 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
Bolivar, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$655
Ownwell’s Bolivar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bolivar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bolivar 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 Bolivar, Tennessee
Property taxes in Bolivar, Tennessee, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bolivar is 1.02%, higher than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bolivar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bolivar 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 Bolivar's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38008 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Bolivar provides valuable insights into the varying tax landscape across Hardeman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bolivar Tax Rate
1.02%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bolivar, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38008 | 0.71% | 0.80% | 1.02% | 1.12% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Bolivar, Tennessee
In Bolivar, 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 Hardeman 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 Bolivar, 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 Bolivar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bolivar are both $632, found in the 38008 zip code.
Average Bolivar Assessed Value
$64,200
Average Hardeman County Assessed Value
$64,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bolivar, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38008 | $24,520 | $42,750 | $64,200 | $102,400 | $168,780 |
Source: Ownwell
Property Tax Bills Across Bolivar, Tennessee
In Bolivar, Hardeman County, TN, property tax bills are calculated based on the assessed value of a homeowner's property. This assessed value is a percentage of the property's market value, which is determined by the local assessor's office. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the market value of the property, the assessment ratio set by the state, and the local tax rate. In Bolivar, the median home price is $64,200. Homeowners at the 25th percentile pay around $432 annually, whereas those at the 75th percentile pay approximately $939. At the 90th percentile, the tax bill can be as high as $1,366. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is determined helps them anticipate annual expenses and manage their finances more effectively. Comparing this to the national median property tax rate of 0.99%, Bolivar offers a relatively affordable property tax environment.
Average Bolivar Tax Bill
$632
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bolivar, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38008 | $284 | $432 | $632 | $939 | $1,366 |
Source: Ownwell