Hampshire, Tennessee Property Taxes
The median property tax rate in Hampshire, TN is 0.47%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hampshire, the typical annual property tax bill reaches $762, significantly below the national median of $2,690. Property taxes in Hampshire 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 Hampshire'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 Hampshire 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
Hampshire, 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 Hampshire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hampshire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hampshire 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 Hampshire, Tennessee
Property taxes in Hampshire, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hampshire is 0.47%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hampshire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hampshire 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 Hampshire's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38461 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Hampshire provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hampshire Tax Rate
0.47%
Average Lewis County Tax Rate
0.47%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hampshire, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Hampshire, Tennessee
In Hampshire, 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 Hampshire, 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 Hampshire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 38461 has both the highest and lowest median tax bills, standing at $762.
Average Hampshire Assessed Value
$169,350
Average Lewis County Assessed Value
$107,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hampshire, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | $52,320 | $103,800 | $169,350 | $243,050 | $337,470 |
Source: Ownwell
Property Tax Bills Across Hampshire, Tennessee
In Hampshire, located in Lewis County, TN, property tax bills are derived from the assessed value of a property and the local tax rate. The assessed value is typically a fraction of the market value of the home, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, the median home price in Hampshire is $169,350. Homeowners in Hampshire can expect a range of property tax bills depending on their property's assessed value. The 25th percentile tax bill is around $409, while the 75th percentile tax bill is approximately $1,106. Those in the 90th percentile might see tax bills reaching up to $1,541. These property taxes contribute to local services, such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Hampshire's property tax rates can be considered relatively moderate, offering homeowners a balanced approach to funding essential community services without an excessive tax burden.
Average Hampshire Tax Bill
$762
Average Lewis County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hampshire, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38461 | $145 | $409 | $762 | $1,106 | $1,541 |
Source: Ownwell