Hilham, Tennessee Property Taxes
The median property tax rate in Hilham, TN is 0.49%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hilham at $87,900, the typical annual property tax bill reaches $441, significantly below the national median of $2,690. Property taxes in Hilham 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 Hilham'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 Hilham or another part of Overton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hilham, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$431
Ownwell’s Hilham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hilham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hilham 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 Hilham, Tennessee
Property taxes in Hilham, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hilham is 0.49%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hilham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hilham 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 Hilham's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38568 has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Hilham provides valuable insights into the varying tax landscape across Overton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hilham Tax Rate
0.49%
Average Overton County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hilham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Hilham, Tennessee
In Hilham, 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 Overton 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 Hilham, 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. For example, the highest median tax bill in Hilham is $441 in the zip code 38568, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hilham Assessed Value
$87,900
Average Overton County Assessed Value
$101,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hilham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | $24,080 | $47,400 | $87,900 | $146,200 | $217,220 |
Source: Ownwell
Property Tax Bills Across Hilham, Tennessee
In Hilham, located in Overton County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For instance, with a median home price of $87,900, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $237, while the 75th percentile reaches $727, and the 90th percentile can be as high as $1,088. These tax bills are influenced by local government budgets, school funding, and public services, which rely heavily on property tax revenues. Compared to the national median property tax rate of 0.99%, Overton County's rates can be considered relatively moderate. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual household budgets and the overall affordability of owning a home in Hilham.
Average Hilham Tax Bill
$441
Average Overton County Tax Bill
$570
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hilham, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | $115 | $237 | $441 | $727 | $1,088 |
Source: Ownwell