Rickman, Tennessee Property Taxes
The median property tax rate in Rickman, TN, is 0.49%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $129,900 in Rickman, the typical annual property tax bill amounts to $650, well below the national median of $2,690. Property taxes in Rickman are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Rickman'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 Rickman or another part of Overton County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rickman, 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 Rickman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rickman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rickman 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 Rickman, Tennessee
Property taxes in Rickman, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rickman is 0.49%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Rickman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rickman 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 Rickman's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38580 has both the highest and lowest median property tax rate of 0.49%. Understanding how these cities compare with Rickman provides valuable insights into the varying tax landscape across Overton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rickman Tax Rate
0.49%
Average Overton County Tax Rate
0.49%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38580 | 0.49% | 0.49% | 0.49% | 0.49% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Rickman, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rickman, Tennessee. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local 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 Rickman, 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. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area both amount to $650 in the 38580 zip code.
Average Rickman Assessed Value
$129,900
Average Overton County Assessed Value
$101,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38580 | $47,000 | $78,050 | $129,900 | $201,400 | $283,800 |
Source: Ownwell
Property Tax Bills Across Rickman, Tennessee
Property tax bills in Rickman, located in Overton County, TN, are calculated based on the assessed value of a property, which typically represents a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Rickman, the median home price is $129,900, and the property tax bills range significantly. At the 25th percentile, the tax bill is around $400, while at the 75th percentile, it rises to approximately $1,006. For those at the 90th percentile, the tax bill can reach up to $1,416. This variability directly impacts homeowners, as higher-valued properties result in higher tax obligations. Compared to the national median property tax rate of 0.99%, Rickman's rates offer a perspective on regional tax burdens, emphasizing the importance of understanding local tax calculations for effective financial planning.
Average Rickman Tax Bill
$650
Average Overton County Tax Bill
$570
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rickman, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38580 | $218 | $400 | $650 | $1,006 | $1,416 |
Source: Ownwell