Hollow Rock, Tennessee Property Taxes
The median property tax rate in Hollow Rock, 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 Hollow Rock at $345,300, the typical annual property tax bill is $1,634, well below the national median of $2,690. Property taxes in Hollow Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hollow Rock'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 Hollow Rock or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hollow Rock, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,623
$1,506
Ownwell’s Hollow Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hollow Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollow Rock 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 Hollow Rock, Tennessee
Property taxes in Hollow Rock, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollow Rock is 0.47%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hollow Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollow Rock 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 Hollow Rock's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38342 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Hollow Rock provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollow Rock 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 Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Hollow Rock, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hollow Rock, 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 Hollow Rock, 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 Hollow Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hollow Rock, the zip code 38342 has both the highest and lowest median tax bills at $1,634, providing a clear picture of the local property tax landscape.
Average Hollow Rock Assessed Value
$345,300
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 Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | $345,300 | $345,300 | $345,300 | $345,300 | $345,300 |
Source: Ownwell
Property Tax Bills Across Hollow Rock, Tennessee
In Hollow Rock, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For example, if the median home price in Hollow Rock is $345,300, the assessed value would be a fraction of this amount. Property tax rates are then applied to the assessed value to determine the tax bill. In Hollow Rock, the median property tax bill is $1,634, which is relatively low compared to the national median property tax rate of 0.99%. Factors such as property size, location, and improvements can influence the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly affect annual property tax obligations. Lower property tax bills can make homeownership more affordable, but it's essential to stay informed about potential changes in assessed values and tax rates that could impact future tax bills.
Average Hollow Rock Tax Bill
$1,634
Average Henry County Tax Bill
$449
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollow Rock, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38342 | $1,634 | $1,634 | $1,634 | $1,634 | $1,634 |
Source: Ownwell