Spring Hill, Marshall County, Tennessee Property Taxes
The median property tax rate in Spring Hill, TN is 0.45%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Spring Hill at $227,800, the typical annual property tax bill reaches $1,036, well below the national median of $2,690. Property taxes in Spring Hill 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 Spring Hill'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 Spring Hill 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
Spring Hill, Marshall County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,025
$951
Ownwell’s Spring Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Hill 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 Spring Hill, Marshall County, Tennessee
Property taxes in Spring Hill, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Hill is 0.45%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Spring Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring 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 Spring Hill's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37174 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Spring Hill provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Hill Tax Rate
0.45%
Average Marshall County Tax Rate
0.45%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Spring Hill, Marshall County, Tennessee
In Spring Hill, 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 Marshall 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 Spring 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 Spring Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both occur in the 37174 zip code, each at $1,036, indicating a consistent tax environment within this area.
Property Tax Assessment Values Across Spring Hill, Marshall County, Tennessee
Source: Ownwell
$171,200
$298,800
$426,400
Average Spring Hill Assessed Value
$227,800
Average Marshall County Assessed Value
$204,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | $87,640 | $110,300 | $227,800 | $317,900 | $586,040 |
Source: Ownwell
Property Tax Bills Across Spring Hill, Marshall County, Tennessee
In Spring Hill, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Spring Hill, located in Marshall County, face property tax bills that vary significantly. For instance, the 25th percentile tax bill is around $502, while the 75th percentile reaches $1,446. The highest median tax bill in the area is $1,036, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any improvements made. These taxes fund essential local services like schools, public safety, and infrastructure. For homeowners, understanding how these factors impact their tax bill is crucial for financial planning. The relatively lower property tax rates in Spring Hill can make it an attractive option for potential homebuyers looking for affordability without compromising on quality of life.
Average Spring Hill Tax Bill
$1,036
Average Marshall County Tax Bill
$1,145
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Hill, Marshall County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37174 | $398 | $502 | $1,036 | $1,446 | $2,664 |
Source: Ownwell