Hampton, Tennessee Property Taxes
The median property tax rate in Hampton, TN is 0.51%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hampton, the typical annual property tax bill reaches $364, significantly below the national median of $2,690. Property taxes in Hampton 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 Hampton'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 Hampton or another part of Carter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hampton, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$365
Ownwell’s Hampton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Hampton. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Hampton to provide an accurate estimate of your property tax bill. This valuable resource helps you grasp potential tax liabilities, making it easier to plan your finances. For those interested in more detailed information, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by Carter County, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Hampton, Tennessee
Property taxes in Hampton, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampton is 0.51%, which is lower than the U.S. national median of 0.99%. Local government entities within Hampton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampton 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 Hampton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37640 zip code has the highest median property tax rate of 0.51%, while the 37687 zip code has the lowest median tax rate of 0.51%. Understanding how these cities compare with Hampton provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampton Tax Rate
0.51%
Average Carter County Tax Rate
0.51%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37640 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| 37643 | 0.50% | 0.50% | 0.51% | 0.51% | 0.51% |
| 37658 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
| 37687 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Hampton, Tennessee
In Hampton, 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 Carter 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 Hampton, 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 Hampton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37643 has the highest median tax bill at $384, while 37640 has the lowest at $223.
Average Hampton Assessed Value
$71,500
Average Carter County Assessed Value
$94,100
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37640 | $13,040 | $24,500 | $44,000 | $67,650 | $111,440 |
| 37643 | $11,440 | $24,400 | $75,700 | $122,225 | $126,590 |
| 37658 | $16,050 | $32,900 | $73,950 | $126,350 | $177,300 |
| 37687 | $8,930 | $9,000 | $12,950 | $22,900 | $79,320 |
Source: Ownwell
Property Tax Bills Across Hampton, Tennessee
In Hampton, located in Carter County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Hampton is $71,500. The local tax rate is applied to this assessed value to determine the annual tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Hampton experience a range of tax bills, with the 25th percentile paying around $162 and the 75th percentile paying approximately $632 annually. At the higher end, the 90th percentile sees tax bills up to $896. The highest median tax bill in the area is $384 in the 37643 zip code, while the lowest is $223 in the 37640 zip code. These property taxes directly impact homeowners by influencing their annual expenses and, consequently, their overall financial planning.
Average Hampton Tax Bill
$364
Average Carter County Tax Bill
$529
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampton, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37640 | $66 | $124 | $223 | $343 | $566 |
| 37643 | $58 | $124 | $384 | $620 | $642 |
| 37658 | $83 | $167 | $377 | $644 | $900 |
| 37687 | $45 | $46 | $66 | $116 | $402 |
Source: Ownwell