Hermitage, Tennessee Property Taxes
The median property tax rate in Hermitage, TN is 0.95%, slightly below the national median of 0.99% but significantly higher than Tennessee's state median of 0.64%. With a median home value of $267,400 in Hermitage, the typical annual property tax bill amounts to $2,532, which is just under the national median of $2,690. Property taxes in Hermitage are calculated based on the assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hermitage's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hermitage or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hermitage, 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 Hermitage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hermitage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hermitage 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 Hermitage, Tennessee
Property taxes in Hermitage, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermitage is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Hermitage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermitage 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 Hermitage's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37076 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Hermitage provides valuable insights into the varying tax landscape across Davidson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermitage Tax Rate
0.95%
Average Davidson County Tax Rate
0.95%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Hermitage, Tennessee
In Hermitage, 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 Davidson 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 Hermitage, 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 Hermitage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hermitage is $267,400, with the highest and lowest median tax bills both recorded at $2,532 in zip code 37076.
Average Hermitage Assessed Value
$267,400
Average Davidson County Assessed Value
$291,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | $187,700 | $222,000 | $267,400 | $336,425 | $407,090 |
Source: Ownwell
Property Tax Bills Across Hermitage, Tennessee
In Hermitage, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate set by Davidson County to determine the tax bill. For instance, with a median home price of $267,400, homeowners in Hermitage can expect varying tax bills. The 25th percentile tax bill stands at $2,102, while the 75th percentile tax bill is $3,186, and the 90th percentile tax bill reaches $3,855. Factors such as property location, home improvements, and market trends influence these values. Compared to the national median property tax rate of 0.99%, Hermitage's rates can significantly impact homeowners' annual expenses. Understanding these factors can help residents anticipate their tax obligations and plan their finances accordingly. This system ensures that property taxes are distributed fairly based on the value of each property, supporting local services and infrastructure.
Average Hermitage Tax Bill
$2,532
Average Davidson County Tax Bill
$2,764
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | $1,778 | $2,102 | $2,532 | $3,186 | $3,855 |
Source: Ownwell