Mc Donald, Hamilton County, Tennessee Property Taxes
The median property tax rate in McDonald, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in McDonald at $290,600, the typical annual property tax bill is $1,656, which is well below the national median of $2,690. Property taxes in McDonald are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding McDonald'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 McDonald or another part of Hamilton County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Donald, Hamilton County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,627
$1,510
Ownwell’s MC DONALD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC DONALD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC DONALD 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 Mc Donald, Hamilton County, Tennessee
Property taxes in McDonald, Tennessee, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in McDonald is 0.56%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within McDonald set these rates annually, and they can vary across different neighborhoods. Each year, McDonald 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 McDonald's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37353 has both the highest and lowest median property tax rate of 0.56%. Understanding how these rates compare with McDonald 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 Mc Donald 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 Mc Donald, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37353 | 0.56% | 0.56% | 0.56% | 0.56% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mc Donald, Hamilton County, Tennessee
In McDonald, 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 local 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 McDonald, 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 McDonald helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Hamilton County is $1,656 in the 37353 zip code, while the lowest is also $1,656 in the same zip code.
Property Tax Assessment Values Across Mc Donald, Hamilton County, Tennessee
Source: Ownwell
$44,900
$299,425
$553,950
Average Mc Donald Assessed Value
$290,600
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 Mc Donald, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37353 | $108,060 | $172,900 | $290,600 | $421,200 | $553,740 |
Source: Ownwell
Property Tax Bills Across Mc Donald, Hamilton County, Tennessee
In McDonald, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The median home price in McDonald is $290,600, and the tax rate in Hamilton County plays a crucial role in determining the final tax bill. Homeowners in McDonald can expect their tax bills to vary significantly depending on their property's assessed value and applicable exemptions. For example, the 25th percentile tax bill is around $980, while the 75th percentile tax bill reaches $2,388. At the 90th percentile, homeowners might face a tax bill as high as $3,081. These figures indicate a broad range of tax obligations, reflecting differences in property values and any exemptions that might apply. Compared to the national median property tax rate of 0.99%, McDonald's tax rates directly influence the financial burden on homeowners, impacting their overall cost of living and long-term investment in their properties. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Mc Donald Tax Bill
$1,656
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Donald, Hamilton County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37353 | $604 | $980 | $1,656 | $2,388 | $3,081 |
Source: Ownwell