Hickory Valley, Tennessee Property Taxes
The median property tax rate in Hickory Valley, TN is 0.79%, slightly lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With a median home value of $70,200 in Hickory Valley, the typical annual property tax bill amounts to $589, which is significantly below the national median of $2,690. Property taxes in Hickory Valley are calculated based on the tax assessed value, often lower than the market value due to 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 Hardeman County, 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 with just two 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 helps you grasp potential tax liabilities and plan accordingly. For those interested in more detailed insights, you can explore trends on a neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations, taking into account any applicable exemptions.
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 0.79%, which is 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 regions and the national median. For comparison, the 38042 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Hickory Valley provides valuable insights into the varying tax landscape across Hardeman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Valley Tax Rate
0.79%
Average Hardeman County Tax Rate
0.89%
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 | 0.67% | 0.70% | 0.79% | 0.92% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Valley, Tennessee
In Hickory Valley, 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 Hardeman 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 zip code with the highest and lowest median tax bill is 38042, both at $589.
Average Hickory Valley Assessed Value
$70,200
Average Hardeman County Assessed Value
$64,600
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 | $19,160 | $41,200 | $70,200 | $150,950 | $264,260 |
Source: Ownwell
Property Tax Bills Across Hickory Valley, Tennessee
In Hickory Valley, Hardeman County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Hickory Valley is $70,200. Homeowners in this region can expect their property tax bill to fall within a range, with the 25th percentile paying around $373 and the 75th percentile paying up to $1,062 annually. The 90th percentile of homeowners may see tax bills as high as $1,821. Several factors influence the property tax bill, including the local tax rate set by Hardeman County and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Hickory Valley’s tax rate is relatively moderate. This means that while property taxes are a necessary expense for homeowners, they are not as burdensome as in other regions. Understanding these factors can help homeowners in Hickory Valley better anticipate their annual property tax obligations and manage their finances accordingly.
Average Hickory Valley Tax Bill
$589
Average Hardeman County Tax Bill
$587
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 | $217 | $373 | $589 | $1,062 | $1,821 |
Source: Ownwell