Holladay, Benton County, Tennessee Property Taxes
The median property tax rate in Holladay, TN is 0.68%, slightly higher than the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $61,300 in Holladay, the typical annual property tax bill amounts to $421, significantly below the national median of $2,690. Property taxes in Holladay are based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating Holladay’s property tax system, exploring available exemptions, and identifying potential reductions can result in substantial yearly savings. Whether residing in the heart of Holladay or elsewhere in Benton County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Holladay, Benton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$417
$387
Ownwell’s Holladay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holladay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holladay 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 Holladay, Benton County, Tennessee
Property taxes in Holladay, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holladay is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Holladay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holladay 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 Holladay's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38341 has the highest median property tax rate of 0.68%, while the same zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Holladay provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holladay Tax Rate
0.68%
Average Benton County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holladay, Benton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Holladay, Benton County, Tennessee
In Holladay, 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 Benton 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 Holladay, 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 Holladay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $421 in zip code 38341, which is also the lowest median tax bill.
Property Tax Assessment Values Across Holladay, Benton County, Tennessee
Source: Ownwell
$30,600
$78,550
$126,500
Average Holladay Assessed Value
$61,300
Average Benton County Assessed Value
$75,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holladay, Benton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | $15,380 | $30,525 | $61,300 | $120,375 | $190,960 |
Source: Ownwell
Property Tax Bills Across Holladay, Benton County, Tennessee
In Holladay, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $61,300, the assessed value is determined by applying the state's assessment ratio. This assessed value is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Holladay can expect varying tax bills. The 25th percentile tax bill is around $207, while the 75th percentile tax bill is about $831. At the higher end, the 90th percentile tax bill reaches $1,333. These figures are influenced by factors such as property location, home size, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Holladay's rates offer a unique perspective on local taxation. This variability in tax bills significantly impacts homeowners, affecting their annual financial planning and long-term investment decisions. Understanding these factors helps homeowners anticipate their tax obligations more accurately.
Average Holladay Tax Bill
$421
Average Benton County Tax Bill
$569
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Holladay, Benton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | $102 | $207 | $421 | $831 | $1,333 |
Source: Ownwell