Hilham, Jackson County, Tennessee Property Taxes
The median property tax rate in Hilham, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hilham at $86,150, the typical annual property tax bill is $462, well below the national median of $2,690. Property taxes in Hilham 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 Hilham'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 Hilham or another part of Jackson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hilham, Jackson County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$482
$448
Ownwell’s Hilham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hilham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hilham 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 Hilham, Jackson County, Tennessee
Property taxes in Hilham, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hilham is 0.56%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hilham set these rates annually, and they can vary across different neighborhoods. Each year, Hilham 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 Hilham's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the area is also 0.56%, found in the 38568 ZIP code, which is the same as Hilham's rate. Understanding how these cities compare with Hilham provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hilham Tax Rate
0.56%
Average Jackson County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hilham, Jackson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Hilham, Jackson County, Tennessee
In Hilham, 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 Jackson 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 Hilham, 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 Hilham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 38568, with a median tax bill of $462.
Property Tax Assessment Values Across Hilham, Jackson County, Tennessee
Source: Ownwell
$86,150
$102,600
$119,050
Average Hilham Assessed Value
$86,150
Average Jackson County Assessed Value
$100,900
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hilham, Jackson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | $26,520 | $45,875 | $86,150 | $138,250 | $211,140 |
Source: Ownwell
Property Tax Bills Across Hilham, Jackson County, Tennessee
In Hilham, Tennessee, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $86,150, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, homes in the 25th percentile may see tax bills around $242, while those in the 75th and 90th percentiles could face bills of $717 and $1,148, respectively. Comparing these figures to the national median property tax rate of 0.99%, it's evident that Hilham's property tax rates can be quite variable. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning and overall property ownership costs.
Average Hilham Tax Bill
$462
Average Jackson County Tax Bill
$548
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hilham, Jackson County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38568 | $120 | $242 | $462 | $717 | $1,148 |
Source: Ownwell