Only, Tennessee Property Taxes
The median property tax rate in Only, TN is 0.58%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Only, the typical annual property tax bill is $526, well below the national median of $2,690. Property taxes in Only are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Only'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 Only 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
Only, 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 Only Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Only with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Only 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 Only, Tennessee
Property taxes in Only, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Only is 0.58%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Only set these rates annually, and they can vary significantly across different neighborhoods. Each year, Only 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 Only's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37140 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Only 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 Only 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 Only, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37140 | 0.35% | 0.47% | 0.58% | 0.58% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Only, Tennessee
In Only, 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 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 Only, 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 Only helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $526 in the 37140 zip code, while the lowest is also $526 in the same zip code.
Average Only Assessed Value
$93,150
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 Only, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37140 | $14,880 | $24,875 | $93,150 | $221,275 | $368,680 |
Source: Ownwell
Property Tax Bills Across Only, Tennessee
In the city of Only in Hickman County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Only is $93,150. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value. For example, the tax bill at the 25th percentile is $142, while the 75th percentile sees bills around $1,043. The 90th percentile tax bill can reach up to $1,712. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Only can experience varying impacts on their finances based on these assessments and tax rates. The highest and lowest median tax bills in the area both stand at $526, specifically in the 37140 zip code, illustrating the range of potential tax obligations for residents.
Average Only Tax Bill
$526
Average Hickman County Tax Bill
$379
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Only, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37140 | $87 | $142 | $526 | $1,043 | $1,712 |
Source: Ownwell