Oakfield, Tennessee Property Taxes
The median property tax rate in Oakfield, TN is 0.47%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $139,100 in Oakfield, the typical annual property tax bill is about $650, which is well below the national median of $2,690. Property taxes in Oakfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oakfield'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 Oakfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakfield, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$654
Ownwell’s Oakfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakfield 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 Oakfield, Tennessee
Property taxes in Oakfield, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakfield is 0.47%, which is significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Oakfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakfield 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 Oakfield's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38362 has the highest median property tax rate of 0.47%, while the same zip code also has the lowest median tax rate of 0.47%. Understanding how these areas compare with Oakfield provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakfield Tax Rate
0.47%
Average Madison County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38362 | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Oakfield, Tennessee
In Oakfield, 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 Madison 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 Oakfield, 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 example, the zip code with the highest median tax bill is 38362, at $650. Being aware of these valuation processes in Oakfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oakfield Assessed Value
$139,100
Average Madison County Assessed Value
$135,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38362 | $37,970 | $110,975 | $139,100 | $162,600 | $192,930 |
Source: Ownwell
Property Tax Bills Across Oakfield, Tennessee
In Oakfield, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Madison County. The assessed value typically represents a percentage of the property's market value. For instance, with a median home price of $139,100, the assessed value is determined, and the tax rate is applied to this figure. Homeowners in Oakfield can expect their tax bills to vary, with the 25th percentile at $518 and the 75th percentile reaching $760. The tax bill at the 90th percentile is around $900, indicating that higher-value properties face steeper taxes. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Oakfield’s rates are relatively reasonable, making it an attractive location for potential homeowners. The highest and lowest median tax bills in the area both stand at $650, suggesting a level of consistency in tax assessments across different properties and zip codes within the city.
Average Oakfield Tax Bill
$650
Average Madison County Tax Bill
$848
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakfield, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38362 | $178 | $518 | $650 | $760 | $900 |
Source: Ownwell