Rocky Top, Tennessee Property Taxes
The median property tax rate in Rocky Top, TN is 0.66%, slightly above the Tennessee state median of 0.64% but lower than the national median of 0.99%. With a median home value of $82,800, the typical annual property tax bill in Rocky Top is $664, significantly less than the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Rocky Top's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Rocky Top or another part of the county, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rocky Top, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$546
$507
Ownwell’s Rocky Top Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky Top with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Top 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 Rocky Top, Tennessee
Property taxes in Rocky Top, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky Top is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Rocky Top set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Top 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 Rocky Top's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 37769 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Rocky Top 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 Rocky Top 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 Rocky Top, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37769 | 0.66% | 0.66% | 0.66% | 1.05% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Top, Tennessee
In Rocky Top, 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 Assessor 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 Rocky Top helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Rocky Top is $664, both found in the 37769 zip code.
Average Rocky Top Assessed Value
$82,800
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 Rocky Top, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37769 | $23,300 | $48,700 | $82,800 | $136,550 | $197,960 |
Source: Ownwell
Property Tax Bills Across Rocky Top, Tennessee
Property tax bills in Rocky Top, Tennessee, are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which in Rocky Top, with a median home price of $82,800, plays a crucial role in calculating the tax bill. The local tax rate is applied to this assessed value to determine the final tax bill. Factors such as property location within Anderson County, property size, and any applicable exemptions or deductions also influence the tax bill. For instance, tax bills can vary significantly, with the 25th percentile at $352 and the 75th percentile at $1,025. Homeowners in the 90th percentile see tax bills as high as $1,456. Understanding these factors is essential for homeowners as property taxes impact their annual expenses. Compared to the national median property tax rate of 0.99%, Rocky Top's property taxes can be considered moderate, providing a balanced approach to funding local services while maintaining affordability for residents.
Average Rocky Top Tax Bill
$664
Average Anderson County Tax Bill
$1,127
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky Top, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37769 | $168 | $352 | $664 | $1,025 | $1,456 |
Source: Ownwell