County Approves New Tax Rate, Will Your Property Taxes Increase?
The Hardeman County Commission approved the new state recommended certified property tax rate for Hardeman County at its meeting on Tuesday, June 20, 2023. The new rate is $1.8102, down from the current rate of $2.55. The lower tax rate will help to balance out the higher property values residents saw when their assessment change notices arrived in their mailboxes this spring.
Property Taxes are allocated as follows:
- General Fund- $ 0.71698
- General Purpose School Fund- $ 1.03643
- Debt Service Fund- $ 0.05679
Total- $ 1.8102
Using the formula below, you can calculate your new tax bill using the state recommended rate of $1.8102 and the appraised value as of January 1, 2023, which may be found on your assessment change notice.
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $1.8102 per hundred of assessed value. To figure the tax, simply multiply the ASSESSED VALUE ($25,000) by the TAX RATE (1.8102 per hundred dollars assessed).
$25,000/100 = 250 x $1.8102 = $452.55 or ($25,000 x .018102 = $452.55) for a tax bill of $452.55
Click here for more information on how to calculate your tax bill.
Watch the video from the Assessor’s office to learn even more about the process.
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