Ocoee, Tennessee Property Taxes
The median property tax rate in Ocoee, TN is 0.63%, slightly below both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ocoee at $51,200, the typical annual property tax bill is $318, which is significantly lower than the national median of $2,690. Property taxes in Ocoee 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 Ocoee'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 Ocoee or another part of Polk County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ocoee, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$323
Ownwell’s Ocoee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ocoee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ocoee 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 Ocoee, Tennessee
Property taxes in Ocoee, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ocoee is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Ocoee set these rates annually, and they can vary across different neighborhoods. Each year, Ocoee 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 Ocoee's effective property tax rate to other areas in Polk County and the national median. For comparison, the zip code 37361 within Polk County has the same median property tax rate of 0.63%. Understanding how these areas compare with Ocoee provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ocoee Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ocoee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37361 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
Source: Ownwell
Property Tax Assessment Values Across Ocoee, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ocoee, Tennessee. 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 Polk 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 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. For instance, in Ocoee, the highest median tax bill is $318 in the 37361 zip code, while the lowest median tax bill is also $318 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 Ocoee Assessed Value
$51,200
Average Polk County Assessed Value
$48,850
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ocoee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37361 | $16,800 | $18,000 | $51,200 | $124,825 | $204,090 |
Source: Ownwell
Property Tax Bills Across Ocoee, Tennessee
In Ocoee, TN, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Ocoee is $51,200. The tax bill is determined by multiplying the assessed value by the local tax rate set by Polk County. For example, homeowners in the 25th percentile pay around $113 in property taxes, while those in the 75th percentile face about $790. At the 90th percentile, the tax bill can reach up to $1,281. Various factors influence the assessed value, including property size, location, and market trends. Compared to the national median property tax rate of 0.99%, Ocoee's rates offer a relatively affordable option for homeowners. However, these taxes are crucial for funding local services like schools and infrastructure, directly impacting the community's quality of life. Homeowners should be aware of these factors to better understand their tax obligations and ensure they are not overpaying.
Average Ocoee Tax Bill
$318
Average Polk County Tax Bill
$310
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ocoee, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37361 | $106 | $113 | $318 | $790 | $1,281 |
Source: Ownwell