Olivehill, Tennessee Property Taxes
The median property tax rate in Olivehill, TN is 0.66%, slightly higher than the state median of 0.64% but still below the national median of 0.99%. With a median home value of $60,300 in Olivehill, the typical annual property tax bill amounts to $533, which is well under the national median of $2,690. Property taxes in Olivehill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Olivehill'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 Olivehill or another part of Hardin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olivehill, 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 Olivehill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olivehill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olivehill 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 Olivehill, Tennessee
Property taxes in Olivehill, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olivehill is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Olivehill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olivehill 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 Olivehill's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 38475 has both the highest and lowest median property tax rate of 0.66%, reflecting the uniformity within this region. Understanding how these areas compare with Olivehill provides valuable insights into the varying tax landscape across Hardin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olivehill Tax Rate
0.66%
Average Hardin County Tax Rate
0.70%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olivehill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38475 | 0.55% | 0.61% | 0.66% | 0.70% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Olivehill, Tennessee
In Olivehill, 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 Hardin 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 Olivehill, 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 Olivehill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $533, found in the 38475 zip code.
Average Olivehill Assessed Value
$60,300
Average Hardin County Assessed Value
$89,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olivehill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38475 | $19,500 | $33,000 | $60,300 | $106,300 | $177,000 |
Source: Ownwell
Property Tax Bills Across Olivehill, Tennessee
In Olivehill, located in Hardin County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a typical home with a median price of $60,300, the property tax bill varies significantly. Homeowners in the 25th percentile can expect to pay around $298 annually, while those in the 75th percentile might see a bill closer to $819. For the top 10% of property values, the tax bill can be as high as $1,220. Several factors influence these tax amounts, including the home's assessed value, the local tax rate, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Olivehill's rates reflect the region's unique economic conditions. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Olivehill Tax Bill
$533
Average Hardin County Tax Bill
$809
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Olivehill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38475 | $167 | $298 | $533 | $819 | $1,220 |
Source: Ownwell