Humboldt, Tennessee Property Taxes
The median property tax rate in Humboldt, TN is 0.26%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Humboldt at $63,900, the typical annual property tax bill is $215, much less than the national median of $2,690. Property taxes in Humboldt are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Humboldt's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Humboldt 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
Humboldt, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$166
$154
Ownwell’s Humboldt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Humboldt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Humboldt 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 Humboldt, Tennessee
Property taxes in Humboldt, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Humboldt is 0.26%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Humboldt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humboldt 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 Humboldt'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 Davidson County, while the lowest median tax rate is in Hancock County. Understanding how these areas compare with Humboldt provides valuable insights into the varying tax landscape across Gibson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humboldt Tax Rate
0.26%
Average Gibson County Tax Rate
0.76%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | 0.26% | 0.26% | 0.26% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Humboldt, Tennessee
In Humboldt, 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 Gibson 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 Humboldt, 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. The median home price in Humboldt is $63,900, with tax bills ranging from $105 at the 25th percentile to $1,182 at the 90th percentile. The highest median tax bill is $215 in the 38343 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Humboldt Assessed Value
$63,900
Average Gibson County Assessed Value
$77,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | $23,650 | $35,125 | $63,900 | $108,600 | $191,900 |
Source: Ownwell
Property Tax Bills Across Humboldt, Tennessee
In Humboldt, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor’s office. The assessed value is a percentage of the property's market value. For example, if the median home price is $63,900, the assessed value will be a fraction of this amount, depending on the local assessment ratio. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the tax bill. In Humboldt, the median property tax bill is $215, which is significantly lower than the national median property tax rate of 0.99%. However, tax bills can vary widely; homeowners in the 25th percentile might pay around $105, while those in the 90th percentile could see bills as high as $1,182. These property taxes fund essential community services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated can help them plan their finances better and potentially appeal if they believe their property has been over-assessed.
Average Humboldt Tax Bill
$215
Average Gibson County Tax Bill
$563
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | $65 | $105 | $215 | $548 | $1,182 |
Source: Ownwell