Hickman, Tennessee Property Taxes
The median property tax rate in Hickman, TN is 0.43%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $160,000 in Hickman, the typical annual property tax bill reaches $713, significantly below the national median of $2,690. Property taxes in Hickman 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 Hickman'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 Hickman 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
Hickman, 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 Hickman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickman 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 Hickman, Tennessee
Property taxes in Hickman, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickman is 0.58%, which is higher than the Tennessee state median of 0.56%, but still below the U.S. national median of 0.99%. Local government entities within Hickman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickman 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 Hickman's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the region is 1.13% in Davidson County, while the lowest median tax rate is 0.34% in Sevier County. Understanding how these cities compare with Hickman provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickman Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38567 | 0.43% | 0.43% | 0.43% | 0.43% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Hickman, Tennessee
In Hickman, 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 Smith 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 Hickman, 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. Hickman's highest median tax bill is $713 in the 38567 zip code, while the lowest median tax bill is also $713 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hickman Assessed Value
$160,000
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38567 | $34,000 | $102,100 | $160,000 | $231,700 | $317,640 |
Source: Ownwell
Property Tax Bills Across Hickman, Tennessee
Property tax bills in Hickman, TN, are calculated based on the assessed value of a property, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value, and this percentage can vary depending on the type of property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Hickman is $160,000, and property tax bills can range significantly. Homeowners in the 25th percentile pay around $452 annually, while those in the 75th percentile pay about $1,061, and those in the 90th percentile face bills up to $1,435. These tax bills can have a substantial impact on homeowners, influencing their overall housing costs and potentially affecting their financial planning and long-term investment in their property. Comparing this to the national median property tax rate of 0.99%, Hickman's rates are relatively moderate, offering some relief to homeowners in the area.
Average Hickman Tax Bill
$713
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38567 | $156 | $452 | $713 | $1,061 | $1,435 |
Source: Ownwell