Hixson, Tennessee Property Taxes
The median property tax rate in Hixson, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $204,400 in Hixson, the typical annual property tax bill is $1,197, which is well below the national median of $2,690. Property taxes in Hixson are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hixson'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 Hixson 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
Hixson, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,145
Ownwell’s Hixson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hixson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hixson 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 Hixson, Tennessee
Property taxes in Hixson, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hixson is 0.56%, which is below the U.S. national median of 0.99%. Local government entities within Hixson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hixson 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 Hixson's effective property tax rate to other regions in Tennessee and the national median. For comparison, the 37343 zip code has the highest median property tax rate of 0.56%, while the same 37343 zip code also has the lowest median tax rate of 0.56%. Understanding how these areas compare with Hixson provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hixson Tax Rate
0.56%
Average Hamilton County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hixson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37343 | 0.56% | 0.56% | 0.56% | 0.56% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Hixson, Tennessee
In Hixson, 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 Hamilton County Assessor of Property 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. 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 Hixson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hixson are both $1,197, found in the 37343 zip code.
Average Hixson Assessed Value
$204,400
Average Hamilton County Assessed Value
$194,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hixson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37343 | $126,000 | $157,800 | $204,400 | $282,800 | $366,400 |
Source: Ownwell
Property Tax Bills Across Hixson, Tennessee
In Hixson, located in Hamilton County, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The county uses an assessment ratio to determine this value, and then applies the local tax rate to calculate the tax bill. For a median home price of $204,400, homeowners can expect a tax bill ranging from $918 at the 25th percentile to $2,097 at the 90th percentile. The median tax bill across the region stands at $1,197, which is relatively modest when compared to the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners, this means that any increase in property value could result in higher taxes. Conversely, if the market value drops, the tax bill might decrease. Understanding these dynamics helps homeowners anticipate and manage their annual property tax obligations effectively.
Average Hixson Tax Bill
$1,197
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hixson, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37343 | $718 | $918 | $1,197 | $1,645 | $2,097 |
Source: Ownwell