Hollow Rock, Tennessee Property Taxes
The median property tax rate in Hollow Rock, TN is 1.06%, slightly higher than the national median of 0.99% and significantly above the Tennessee state median of 0.64%. With the median home value in Hollow Rock at $61,100, the typical annual property tax bill amounts to $531, which is well below the national median of $2,690. Property taxes in Hollow Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hollow Rock'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 Hollow Rock or another part of Carroll County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hollow Rock, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$648
Ownwell’s Hollow Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollow Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollow Rock 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 Hollow Rock, Tennessee
Property taxes in Hollow Rock, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollow Rock is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Hollow Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollow Rock 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 Hollow Rock's effective property tax rate to other areas in Tennessee and the national median. For comparison, the highest median property tax rate in Carroll County is 1.06% in the zip code 38342, while the lowest median tax rate is also 1.06% in the same zip code. Understanding how these rates compare with Hollow Rock 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 Hollow Rock Tax Rate
1.06%
Average Carroll County Tax Rate
0.66%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | 0.63% | 0.68% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Hollow Rock, Tennessee
In Hollow Rock, 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 Hollow Rock, 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 Hollow Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hollow Rock are both recorded at $531 in the zip code 38342. This figure is significantly lower than the national median property tax rate of 0.99%, providing a comparative advantage for property owners in this area.
Average Hollow Rock Assessed Value
$61,100
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 Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | $16,800 | $32,150 | $61,100 | $100,200 | $156,200 |
Source: Ownwell
Property Tax Bills Across Hollow Rock, Tennessee
In Hollow Rock, Carroll County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Hollow Rock can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $294, while the 75th percentile tax bill is $883. At the higher end, the 90th percentile tax bill reaches up to $1,259. The median home price in Hollow Rock is $61,100, which influences the overall tax bill. Compared to the national median property tax rate of 0.99%, Hollow Rock offers relatively affordable property taxes. The highest and lowest median tax bills in the area are both $531, specifically in the 38342 zip code. These variations in tax bills can significantly impact homeowners, affecting their annual expenses and overall financial planning.
Average Hollow Rock Tax Bill
$531
Average Carroll County Tax Bill
$574
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | $144 | $294 | $531 | $883 | $1,259 |
Source: Ownwell