Rockwood, Tennessee Property Taxes
The median property tax rate in Rockwood, TN is 0.28%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Rockwood at $91,200, the typical annual property tax bill is $258, much lower than the national median of $2,690. Property taxes in Rockwood 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 Rockwood'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 Rockwood 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
Rockwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$255
Ownwell’s Rockwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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 0.28%, which is lower than both the Tennessee state median of 0.68% 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 highest median property tax rate in Cumberland County is 0.68%, while the lowest median tax rate is 0.28%. Understanding how these cities compare with Rockwood provides valuable insights into the varying tax landscape across Cumberland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockwood Tax Rate
0.28%
Average Cumberland County Tax Rate
0.28%
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 | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% |
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 Cumberland 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 Rockwood, 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 instance, the median home price in Rockwood is $91,200, with tax bills ranging from $141 at the 25th percentile to $672 at the 90th percentile. The zip code 37854 has both the highest and lowest median tax bill of $258. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockwood Assessed Value
$91,200
Average Cumberland County Assessed Value
$180,600
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 | $28,730 | $50,150 | $91,200 | $163,625 | $238,580 |
Source: Ownwell
Property Tax Bills Across Rockwood, Tennessee
In Rockwood, Cumberland County, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Rockwood is $91,200. The local government applies the property tax rate to this assessed value to determine the tax bill. For instance, homeowners in the 25th percentile of tax bills pay around $141, while those in the 75th percentile pay approximately $464. At the 90th percentile, the tax bill can reach up to $672. Several factors influence these tax bills, including the property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Rockwood's property tax rates are relatively lower, which can be beneficial for homeowners. However, these taxes still represent a significant expense, affecting household budgets and the overall cost of homeownership. Understanding how these factors interplay can help homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average Rockwood Tax Bill
$258
Average Cumberland County Tax Bill
$512
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 | $81 | $141 | $258 | $464 | $672 |
Source: Ownwell