Toone, Tennessee Property Taxes
The median property tax rate in Toone, TN is 0.83%, which is lower than the national median of 0.99% but higher than the Tennessee state median of 0.64%. With the median home value in Toone at $63,900, the typical annual property tax bill is around $550, significantly below the national median of $2,690. Property taxes in Toone are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Toone'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 Toone 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
Toone, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$530
$492
Ownwell’s Toone Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toone 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 Toone, Tennessee
Property taxes in Toone, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toone is 0.83%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Toone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toone 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 Toone's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 38381 zip code has the highest median property tax rate of 0.83%, while it also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Toone 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 Toone Tax Rate
0.83%
Average Hardeman County Tax Rate
0.89%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38381 | 0.68% | 0.73% | 0.83% | 0.99% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Toone, Tennessee
In Toone, 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 Toone, 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 Toone is $63,900, with tax bills ranging from $360 at the 25th percentile to $1,487 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 38381, with a median tax bill of $550. Being aware of these valuation processes in Toone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toone Assessed Value
$63,900
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 Toone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38381 | $18,840 | $38,950 | $63,900 | $116,150 | $203,080 |
Source: Ownwell
Property Tax Bills Across Toone, Tennessee
Property tax bills in Toone, located in Hardeman County, TN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For example, if the median home price in Toone is $63,900, the assessed value will be a fraction of that amount. The local tax rate is then applied to the assessed value to calculate the tax bill. Several factors influence the final tax bill, including property size, location, and improvements. In Toone, the tax bills vary significantly, with the 25th percentile at $360 and the 75th percentile at $858. The 90th percentile tax bill can go as high as $1,487. For homeowners, understanding these factors is crucial, as property taxes directly affect annual financial planning. Compared to the national median property tax rate of 0.99%, homeowners in Toone may find their tax bills relatively manageable, but it’s essential to stay informed about local assessments and rates.
Average Toone Tax Bill
$550
Average Hardeman County Tax Bill
$587
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Toone, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38381 | $232 | $360 | $550 | $858 | $1,487 |
Source: Ownwell