Bon Aqua, Tennessee Property Taxes
The median property tax rate in Bon Aqua, TN is 0.58%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $114,000 in Bon Aqua, the typical annual property tax bill comes to $641, well below the national median of $2,690. Property taxes in Bon Aqua are calculated based on the assessed value, which often falls below market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Bon Aqua's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Bon Aqua or another part of Hickman County, a deep understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bon Aqua, 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 Bon Aqua Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bon Aqua with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bon Aqua 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 Bon Aqua, Tennessee
Property taxes in Bon Aqua, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bon Aqua is 0.58%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Bon Aqua set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bon Aqua 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 Bon Aqua's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37025 zip code has the highest median property tax rate of 0.58%, while the 37025 zip code has the lowest median tax rate of 0.58%. Understanding how these cities compare with Bon Aqua provides valuable insights into the varying tax landscape across Hickman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bon Aqua Tax Rate
0.58%
Average Hickman County Tax Rate
0.58%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bon Aqua, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37025 | 0.54% | 0.58% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Bon Aqua, Tennessee
In Bon Aqua, 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 Hickman County Assessor 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. 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 Bon Aqua 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 $641.00, found in the 37025 zip code.
Average Bon Aqua Assessed Value
$114,000
Average Hickman County Assessed Value
$65,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bon Aqua, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37025 | $22,460 | $43,100 | $114,000 | $194,700 | $310,280 |
Source: Ownwell
Property Tax Bills Across Bon Aqua, Tennessee
In Bon Aqua, Hickman County, TN, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Bon Aqua is $114,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Bon Aqua, the tax bill can vary significantly. At the 25th percentile, the tax bill is approximately $247, while at the 75th percentile, it rises to around $1,076. For those at the 90th percentile, the tax bill can be as high as $1,695. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. In Hickman County, the highest and lowest median tax bills are both $641, indicating a relatively uniform tax rate across different areas within the county. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Bon Aqua Tax Bill
$641
Average Hickman County Tax Bill
$379
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Bon Aqua, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37025 | $126 | $247 | $641 | $1,076 | $1,695 |
Source: Ownwell