Hermitage, Tennessee Property Taxes
The median property tax rate in Hermitage, TN is 0.48%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Hermitage, the typical annual property tax bill amounts to $1,433, well below the national median of $2,690. Property taxes in Hermitage are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hermitage'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 Hermitage 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
Hermitage, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,425
Ownwell’s Hermitage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hermitage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hermitage 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 Hermitage, Tennessee
Property taxes in Hermitage, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermitage is 0.48%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Hermitage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermitage 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 Hermitage's effective property tax rate to other areas in Tennessee and the national median. For comparison, the 37076 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these figures compare with Hermitage provides valuable insights into the varying tax landscape across Wilson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermitage Tax Rate
0.48%
Average Wilson County Tax Rate
0.50%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | 0.48% | 0.48% | 0.48% | 0.48% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Hermitage, Tennessee
In Hermitage, 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 Wilson 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. Assessment notices in Hermitage 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 Hermitage 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 $1,433 in the 37076 zip code, and the lowest median tax bill is also $1,433 in the same zip code.
Average Hermitage Assessed Value
$296,800
Average Wilson County Assessed Value
$285,400
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | $109,500 | $234,500 | $296,800 | $345,050 | $409,600 |
Source: Ownwell
Property Tax Bills Across Hermitage, Tennessee
In Hermitage, Wilson County, TN, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Hermitage is $296,800. Property taxes are then calculated based on this assessed value, with the local tax rate applied to generate the annual tax bill. For example, homeowners in Hermitage typically see tax bills ranging from $1,149 at the 25th percentile to $1,965 at the 90th percentile. Factors that influence the tax bill include the home's market value, local government budgets, and the specific tax rate set by Wilson County. The highest median tax bill in the area is $1,433, which is consistent across the 37076 zip code. This tax rate is relatively modest compared to the national median property tax rate of 0.99%, making Hermitage an attractive location for homeowners looking for lower property tax burdens. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Hermitage Tax Bill
$1,433
Average Wilson County Tax Bill
$1,525
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermitage, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37076 | $537 | $1,149 | $1,433 | $1,673 | $1,965 |
Source: Ownwell