Minor Hill, Tennessee Property Taxes
The median property tax rate in Minor Hill, TN is 0.50%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $186,400 in Minor Hill, the typical annual property tax bill amounts to $937, which is well below the national median of $2,690. Property taxes in Minor Hill are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Minor Hill'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 Minor Hill or another part of Lawrence County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minor Hill, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$932
$865
Ownwell’s Minor Hill Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Minor Hill with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Minor Hill to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities with ease. For those interested in more granular data, trends at the neighborhood level are also available. Your property’s assessed value is determined by Lawrence County for tax calculations and may include applicable exemptions.
Property Tax Rates Across Minor Hill, Tennessee
Property taxes in Minor Hill, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minor Hill is 0.50%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Minor Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minor Hill 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 Minor Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38473 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Minor Hill provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minor Hill Tax Rate
0.50%
Average Lawrence County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Minor Hill, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Minor Hill, 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 Lawrence 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 Minor Hill, 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 Minor Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Minor Hill is $186,400, with tax bills ranging from $663 at the 25th percentile to $2,390 at the 90th percentile. The zip code 38473 has both the highest and lowest median tax bill at $937.
Average Minor Hill Assessed Value
$186,400
Average Lawrence County Assessed Value
$151,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | $97,040 | $131,900 | $186,400 | $264,675 | $475,410 |
Source: Ownwell
Property Tax Bills Across Minor Hill, Tennessee
In Minor Hill, located in Lawrence County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the local tax assessor. Homeowners in Minor Hill can expect their tax bill to vary depending on the assessed value of their property and the local tax rate. For instance, with a median home price of $186,400, property tax bills in Minor Hill can range significantly. The 25th percentile tax bill is around $663, while the 75th percentile reaches approximately $1,330. At the higher end, the 90th percentile tax bill can be as much as $2,390. These figures illustrate how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Minor Hill's property tax rates are relatively moderate. Understanding these factors can help homeowners in Minor Hill anticipate their annual property tax obligations and plan accordingly.
Average Minor Hill Tax Bill
$937
Average Lawrence County Tax Bill
$875
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Minor Hill, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38473 | $488 | $663 | $937 | $1,330 | $2,390 |
Source: Ownwell