Ridgely, Dyer County, Tennessee Property Taxes
The median property tax rate in Ridgely, TN is 0.59%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $59,000 in Ridgely, the typical annual property tax bill reaches $320, significantly below the national median of $2,690. Property taxes in Ridgely 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 Ridgely'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 Ridgely 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
Ridgely, Dyer County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$348
$323
Ownwell’s Ridgely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ridgely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ridgely 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 Ridgely, Dyer County, Tennessee
Property taxes in Ridgely, Tennessee, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgely is 0.59%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Ridgely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ridgely 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 Ridgely's effective property tax rate to other counties in Tennessee and the national median. For comparison, the zip code 38080 has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Ridgely provides valuable insights into the varying tax landscape across Dyer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgely Tax Rate
0.59%
Average Dyer County Tax Rate
0.59%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgely, Dyer County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Ridgely, Dyer County, Tennessee
In Ridgely, 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 Dyer 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. In Ridgely, 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 Ridgely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $320.00, found in zip code 38080.
Property Tax Assessment Values Across Ridgely, Dyer County, Tennessee
Source: Ownwell
$38,300
$60,800
$83,300
Average Ridgely Assessed Value
$59,000
Average Dyer County Assessed Value
$83,700
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgely, Dyer County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | $22,060 | $33,500 | $59,000 | $105,950 | $223,840 |
Source: Ownwell
Property Tax Bills Across Ridgely, Dyer County, Tennessee
In Ridgely, located in Dyer County, TN, 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, determined by local assessors. For homeowners in Ridgely, the median home price is $59,000. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Ridgely, the 25th percentile tax bill is $172, while the 75th percentile tax bill is $568, indicating a range of tax burdens among homeowners. The 90th percentile tax bill can go up to $1,177, reflecting higher-valued properties or fewer exemptions. Comparatively, the highest and lowest median tax bills in the area are both $320, situated in the 38080 zip code. These tax bills impact homeowners by contributing to local services and infrastructure, but they also represent a significant annual expense that varies widely depending on property value and assessed rate.
Average Ridgely Tax Bill
$320
Average Dyer County Tax Bill
$585
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgely, Dyer County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | $93 | $172 | $320 | $568 | $1,177 |
Source: Ownwell