Hohenwald, Tennessee Property Taxes
The median property tax rate in Hohenwald, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $104,300 in Hohenwald, the typical annual property tax bill amounts to $462, which is well below the national median of $2,690. Property taxes in Hohenwald are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hohenwald'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 Hohenwald or another part of Lewis County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hohenwald, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$490
$455
Ownwell’s Hohenwald Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hohenwald with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hohenwald 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 Hohenwald, Tennessee
Property taxes in Hohenwald, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hohenwald is 0.47%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Hohenwald set these rates annually, and they can vary across different neighborhoods. Each year, Hohenwald 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 Hohenwald's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38462 zip code has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these cities compare with Hohenwald 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 Hohenwald 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 Hohenwald, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38462 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Hohenwald, Tennessee
In Hohenwald, 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 Lewis 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 Hohenwald, 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 Hohenwald 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 $462 in zip code 38462, which is also the lowest.
Average Hohenwald Assessed Value
$104,300
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 Hohenwald, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38462 | $30,520 | $62,200 | $104,300 | $162,000 | $234,280 |
Source: Ownwell
Property Tax Bills Across Hohenwald, Tennessee
In Hohenwald, located in Lewis County, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. For example, if a home has a market value of $104,300, the assessed value is calculated using the state's assessment ratio. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, home improvements, and market trends. In Hohenwald, homeowners can expect a property tax bill ranging from $239 at the 25th percentile to $1,075 at the 90th percentile. The highest and lowest median tax bills in the area are both $462, reflecting a consistent tax rate across the region. Compared to the national median property tax rate of 0.99%, Hohenwald offers relatively affordable property taxes, which can be a significant advantage for homeowners.
Average Hohenwald Tax Bill
$462
Average Lewis County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hohenwald, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38462 | $71 | $239 | $462 | $742 | $1,075 |
Source: Ownwell