Rockwood, Tennessee Property Taxes
The median property tax rate in Rockwood, TN is 0.66%, slightly higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value in Rockwood of $112,700, the typical annual property tax bill is $741, significantly below the national median of $2,690. Property taxes in Rockwood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Rockwood'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 Rockwood or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$744
Ownwell’s Rockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockwood 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 Rockwood, Tennessee
Property taxes in Rockwood, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 0.66%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37854 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Rockwood 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 Rockwood Tax Rate
0.66%
Average Anderson County Tax Rate
0.87%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Tennessee
In Rockwood, 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 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 Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 37854 has both the highest and lowest median tax bill, each valued at $741.
Average Rockwood Assessed Value
$112,700
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 Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $112,700 | $112,700 | $112,700 | $112,700 | $112,700 |
Source: Ownwell
Property Tax Bills Across Rockwood, Tennessee
In Rockwood, Anderson County, TN, property tax bills are determined by a combination of the property's assessed value and the local tax rate. The assessed value is a percentage of the property's market value, which in Rockwood is based on the median home price of $112,700. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. In this region, the tax rate is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Rockwood can expect a consistent tax bill, as the 25th, 75th, and 90th percentiles all show a median tax bill of $741. This uniformity indicates a stable and predictable tax environment for property owners. For homeowners, this means that property taxes are a manageable expense, contributing to the overall affordability of living in Rockwood. The consistent tax bills also provide a sense of financial stability, allowing residents to budget more effectively without unexpected increases in their property tax obligations.
Average Rockwood Tax Bill
$741
Average Anderson County Tax Bill
$1,127
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $741 | $741 | $741 | $741 | $741 |
Source: Ownwell