Hornsby, Tennessee Property Taxes
The median property tax rate in Hornsby, TN is 0.86%, higher than the state median of 0.64% but below the national median of 0.99%. With a median home value of $59,000 in Hornsby, the typical annual property tax bill is about $500, which is significantly lower than the national median of $2,690. Property taxes in Hornsby are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hornsby'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 Hornsby 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
Hornsby, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$507
Ownwell’s Hornsby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hornsby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hornsby 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 Hornsby, Tennessee
Property taxes in Hornsby, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hornsby is 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Hornsby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hornsby 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 Hornsby's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38044 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Hornsby 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 Hornsby Tax Rate
0.86%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | 0.70% | 0.76% | 0.86% | 1.03% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Hornsby, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hornsby, 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 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 Hornsby, 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 Hornsby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, zip code 38044 has both the highest and lowest median tax bills at $500, providing a unique insight into local property tax variations.
Average Hornsby Assessed Value
$59,000
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 Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | $18,040 | $33,900 | $59,000 | $104,200 | $177,200 |
Source: Ownwell
Property Tax Bills Across Hornsby, Tennessee
In Hornsby, located in 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 Hornsby is $59,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, home size, and any applicable exemptions or deductions also play a role in the final tax amount. Homeowners in Hornsby experience varying tax bills, with the 25th percentile paying around $347 annually, while those in the 75th percentile pay about $825. The top 10% of homeowners face tax bills as high as $1,264. Despite these variations, the highest and lowest median tax bills in the area are both $500, indicating a relatively stable tax environment within the region. Compared to the national median property tax rate of 0.99%, Hornsby's rates offer a manageable expense for homeowners, contributing to the overall affordability of living in this Tennessee community.
Average Hornsby Tax Bill
$500
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hornsby, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38044 | $223 | $347 | $500 | $825 | $1,264 |
Source: Ownwell