Holladay, Tennessee Property Taxes
The median property tax rate in Holladay, TN is 0.65%, slightly above the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $77,650 in Holladay, the typical annual property tax bill is $501, which is significantly below the national median of $2,690. Property taxes in Holladay are calculated based on the assessed value, often lower than the market value due to exemptions like 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 Decatur County, 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
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$505
$468
Ownwell’s Holladay Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 0.65%, lower than both the Tennessee state median and 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 38341 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 Holladay provides valuable insights into the varying tax landscape across Decatur County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holladay Tax Rate
0.65%
Average Decatur County Tax Rate
0.65%
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 | 0.64% | 0.64% | 0.65% | 0.65% | 0.65% |
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 Decatur 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 Holladay, 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. The median home price in Holladay is $77,650, with tax bills varying significantly. For instance, the 25th percentile tax bill is $269, while the 75th percentile tax bill is $790, and the 90th percentile tax bill reaches $1,225. The highest and lowest median tax bills are both $501, found in zip code 38341. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holladay Assessed Value
$77,650
Average Decatur County Assessed Value
$75,850
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 | $23,300 | $41,750 | $77,650 | $119,775 | $189,900 |
Source: Ownwell
Property Tax Bills Across Holladay, Tennessee
Property tax bills in Holladay, located in Decatur County, TN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property’s market value, which is determined by the local tax assessor. For homeowners in Holladay, understanding their tax bill involves knowing both the assessed value of their home and the applicable tax rate. The median home price in Holladay is $77,650, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $269, while at the 75th percentile, it rises to $790. At the 90th percentile, homeowners might see a tax bill as high as $1,225. These variations reflect differences in property values and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Holladay’s property tax bills can be relatively modest, but they still represent a significant expense for homeowners. Accurate assessment and understanding of local tax regulations are crucial for homeowners to manage their financial planning effectively.
Average Holladay Tax Bill
$501
Average Decatur County Tax Bill
$529
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 | $150 | $269 | $501 | $790 | $1,225 |
Source: Ownwell