Oliver Springs, Tennessee Property Taxes
The median property tax rate in Oliver Springs, TN is 0.94%, slightly below the national median of 0.99% but notably higher than the Tennessee state median of 0.64%. With the median home value in Oliver Springs at $100,800, the typical annual property tax bill is $896, which is significantly lower than the national median of $2,690. Property taxes in Oliver Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oliver Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oliver Springs 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
Oliver Springs, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$948
Ownwell’s Oliver Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oliver Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oliver Springs 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 Oliver Springs, Tennessee
Property taxes in Oliver Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oliver Springs is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Oliver Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oliver Springs 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 Oliver Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37840 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Oliver Springs provides valuable insights into the varying tax landscape across Anderson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oliver Springs Tax Rate
0.94%
Average Anderson County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | 0.66% | 0.66% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Oliver Springs, Tennessee
In Oliver Springs, 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 Anderson 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 Oliver Springs 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 Oliver Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37840 has both the highest and lowest median tax bills at $896.
Property Tax Assessment Values Across Oliver Springs, Tennessee
Source: Ownwell
$7,500
$241,600
$475,700
Average Oliver Springs Assessed Value
$100,800
Average Anderson County Assessed Value
$128,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $24,100 | $67,325 | $100,800 | $135,375 | $183,600 |
Source: Ownwell
Property Tax Bills Across Oliver Springs, Tennessee
In Oliver Springs, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by the local tax assessor. For instance, if the median home price in Oliver Springs is $100,800, the assessed value will be a fraction of this amount as per Tennessee's assessment ratio. Several factors influence the final tax bill, including the property's location, improvements, and any applicable exemptions. Homeowners in Oliver Springs can expect their tax bills to range significantly, with the 25th percentile paying around $534 and the 75th percentile facing bills up to $1,203. Those in the 90th percentile may see tax bills as high as $1,566. Compared to the national median property tax rate of 0.99%, Oliver Springs offers a relatively moderate tax environment. This can be beneficial for homeowners looking to manage their annual expenses while enjoying the amenities and community benefits that property taxes support.
Average Oliver Springs Tax Bill
$896
Average Anderson County Tax Bill
$1,127
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $180 | $534 | $896 | $1,203 | $1,566 |
Source: Ownwell