Humboldt, Tennessee Property Taxes
The median property tax rate in Humboldt, TN is 0.57%, significantly lower than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $196,800 in Humboldt, the typical annual property tax bill amounts to $1,108, which is well below the national median of $2,690. Property taxes in Humboldt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Humboldt'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 Humboldt 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
Humboldt, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,122
Ownwell’s Humboldt Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to quickly estimate their annual property taxes in Humboldt with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Humboldt to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, serves as the foundation for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Humboldt, Tennessee
Property taxes in Humboldt, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Humboldt is 0.57%, which is lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Humboldt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Humboldt 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 Humboldt's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38343 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Humboldt provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Humboldt Tax Rate
0.57%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | 0.47% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Humboldt, Tennessee
In Humboldt, Tennessee, understanding the difference between "market value" and "assessed value" is essential 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 Humboldt, 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. For example, the median home price in Humboldt is $196,800, with tax bills ranging from $792 at the 25th percentile to $2,057 at the 90th percentile. Notably, the highest median tax bill of $1,108 is found in the 38343 zip code. By understanding 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 Humboldt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Humboldt Assessed Value
$196,800
Average Madison County Assessed Value
$135,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | $36,770 | $145,575 | $196,800 | $256,925 | $351,580 |
Source: Ownwell
Property Tax Bills Across Humboldt, Tennessee
In Humboldt, TN, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For homeowners in Humboldt, the median home price is $196,800. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Humboldt, the tax bill at the 25th percentile is $792, while at the 75th percentile, it rises to $1469. For those at the 90th percentile, the tax bill can reach up to $2057. Compared to the national median property tax rate of 0.99%, Humboldt's property tax bills reflect a range that can significantly impact homeowners' finances. Homeowners must budget for these taxes, which fund essential local services such as schools, roads, and emergency services, directly affecting the quality of life in the community.
Average Humboldt Tax Bill
$1,108
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Humboldt, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38343 | $224 | $792 | $1,108 | $1,469 | $2,057 |
Source: Ownwell