Henry, Tennessee Property Taxes
The median property tax rate in Henry, TN is 0.65%, 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 $155,000 in Henry, the typical annual property tax bill amounts to $1,007, which is below the national median of $2,690. Property taxes in Henry are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Henry'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 Henry or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henry, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$1,008
$935
Ownwell’s Henry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henry 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 Henry, Tennessee
Property taxes in Henry, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henry is 0.65%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Henry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henry 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 Henry's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38231 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Henry provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Henry Tax Rate
0.65%
Average Carroll County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Henry, Tennessee
In Henry, 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 Carroll 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 Henry, 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 Henry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Henry is $155,000, with the zip code 38231 having both the highest and lowest median tax bills at $1,007.
Average Henry Assessed Value
$155,000
Average Carroll County Assessed Value
$76,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | $155,000 | $155,000 | $155,000 | $155,000 | $155,000 |
Source: Ownwell
Property Tax Bills Across Henry, Tennessee
In Henry, TN, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the local tax assessor and is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Henry, the median home price is $155,000, and the property tax rate is reflective of the county's needs for funding public services such as schools, infrastructure, and emergency services. For homeowners in Henry, the property tax bill typically falls around $1,007, which is the same across various percentiles, including the 25th, 75th, and 90th percentiles. This consistency suggests a standardized approach to property tax assessments in the area. Compared to the national median property tax rate of 0.99%, Henry's tax rates may appear more uniform, providing homeowners with a predictable annual expense. Understanding these factors can help homeowners budget more effectively and anticipate their financial obligations related to property ownership.
Average Henry Tax Bill
$1,007
Average Carroll County Tax Bill
$574
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Henry, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | $1,007 | $1,007 | $1,007 | $1,007 | $1,007 |
Source: Ownwell