Holladay, Tennessee Property Taxes
The median property tax rate in Holladay, TN is 0.69%, slightly higher than the Tennessee state median of 0.64% but still below the national median of 0.99%. With a median home value of $112,100 in Holladay, the typical annual property tax bill is around $775, which is significantly lower than the national median of $2,690. Property taxes in Holladay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holladay'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 Holladay 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
Holladay, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
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, 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 0.69%, 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 both the highest and lowest median property tax rate of 0.69%. Understanding how these cities 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
0.69%
Average Carroll County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holladay, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Holladay, 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 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. Assessment notices in Holladay 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 and lowest median tax bills are both $775, found in zip code 38341.
Average Holladay Assessed Value
$112,100
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 Holladay, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | $112,100 | $112,100 | $112,100 | $112,100 | $112,100 |
Source: Ownwell
Property Tax Bills Across Holladay, Tennessee
In Holladay, Tennessee, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and represents a percentage of the property's market value. In Carroll County, this assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Holladay, the median home price is $112,100. With a consistent tax bill of $775 across the 25th, 75th, and 90th percentiles, the property tax rate in this area is relatively straightforward. This rate is significantly lower than the national median property tax rate of 0.99%, offering homeowners in Holladay a more affordable tax burden. Factors such as property improvements, market fluctuations, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors and how they affect property taxes is crucial for financial planning and long-term investment in their property.
Average Holladay Tax Bill
$775
Average Carroll County Tax Bill
$574
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Holladay, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38341 | $775 | $775 | $775 | $775 | $775 |
Source: Ownwell