Henry, Henry County, Tennessee Property Taxes
The median property tax rate in Henry, TN, is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Henry at $69,950, the typical annual property tax bill is $331, far below the national median of $2,690. Property taxes in Henry are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Henry'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 Henry or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Henry, Henry County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$329
$305
Ownwell’s Henry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Henry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Henry 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 Henry, Henry County, Tennessee
Property taxes in Henry, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henry is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Henry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henry 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. Understanding how Henry's effective property tax rate compares to the national median provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to other regions.
Average Henry Tax Rate
0.47%
Average Henry County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henry, Henry County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Henry, Henry County, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Henry, 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 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 Henry, 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 Henry 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 $331, found in the 38231 zip code.
Property Tax Assessment Values Across Henry, Henry County, Tennessee
Source: Ownwell
$69,950
$88,675
$107,400
Average Henry Assessed Value
$69,950
Average Henry County Assessed Value
$86,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Henry, Henry County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | $23,810 | $42,000 | $69,950 | $129,225 | $208,950 |
Source: Ownwell
Property Tax Bills Across Henry, Henry County, Tennessee
In Henry, Tennessee, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if the median home price is $69,950, the assessed value is determined by applying the county's assessment ratio to this market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Various factors influence this tax bill, including property location, home improvements, and market fluctuations. In Henry, the 25th percentile tax bill is $199, while the 75th percentile reaches $612, and the 90th percentile can be as high as $983. The highest and lowest median tax bill in the area is $331, specifically in the 38231 zip code. For homeowners, these tax bills impact their annual expenses significantly. While the national median property tax rate is 0.99%, understanding the local rates and assessed values in Henry can help homeowners budget effectively and anticipate potential changes in their tax obligations.
Average Henry Tax Bill
$331
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Henry, Henry County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38231 | $113 | $199 | $331 | $612 | $983 |
Source: Ownwell