Hickory Valley, Tennessee Property Taxes
The median property tax rate in Hickory Valley, TN is 0.32%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $32,800 in Hickory Valley, the typical annual property tax bill is just $106, far below the national median of $2,690. Property taxes in Hickory Valley 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 Hickory Valley'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 Hickory Valley 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
Hickory Valley, 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 Hickory Valley Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hickory Valley using just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Valley to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available. Your property’s assessed value, assigned by Fayette County for tax calculations, includes any applicable exemptions, ensuring you have the most accurate estimate possible.
Property Tax Rates Across Hickory Valley, Tennessee
Property taxes in Hickory Valley, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Valley is 0.52%, which is higher than the Tennessee state median of 0.56% but lower than the U.S. national median of 0.99%. Local government entities within Hickory Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Valley 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 Hickory Valley's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in Tennessee is found in 47047, with a rate of 0.52%, while the lowest median tax rate is also in 47047, with a rate of 0.52%. Understanding how these cities compare with Hickory Valley provides valuable insights into the varying tax landscape across 47047, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Valley Tax Rate
0.32%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38042 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Valley, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hickory Valley, Tennessee. 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 Fayette 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 Hickory Valley, 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 Hickory Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $106, specifically in the 38042 zip code, making it essential for residents to stay informed and proactive.
Property Tax Assessment Values Across Hickory Valley, Tennessee
Source: Ownwell
$5,300
$224,375
$443,450
Average Hickory Valley Assessed Value
$32,800
Average Fayette County Assessed Value
$164,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38042 | $32,800 | $32,800 | $32,800 | $32,800 | $32,800 |
Source: Ownwell
Property Tax Bills Across Hickory Valley, Tennessee
In Hickory Valley, TN, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For homeowners in Hickory Valley, the median home price is $32,800. The property tax rate is then applied to this assessed value to determine the annual tax bill. For example, in Fayette County, where Hickory Valley is located, property tax bills at the 25th, 75th, and 90th percentiles are all $106, indicating a consistent tax burden across different property values. This uniformity suggests a relatively straightforward and predictable tax system for homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Hickory Valley experience a significantly lower tax burden. This lower rate can make homeownership more affordable, but it also means that local services funded by property taxes may have limited resources. Understanding these factors can help homeowners better plan their finances and anticipate future tax obligations.
Average Hickory Valley Tax Bill
$106
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Valley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38042 | $106 | $106 | $106 | $106 | $106 |
Source: Ownwell