Oakland, Tennessee Property Taxes
The median property tax rate in Oakland, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Oakland at $220,200, the typical annual property tax bill is $912, well below the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$947
Ownwell’s Oakland Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oakland. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Oakland to provide an accurate estimate of your property tax bill. This powerful tool helps you understand your potential tax liabilities with ease. For those interested in more detailed insights at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by Fayette County, serves as the basis for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Oakland, Tennessee
Property taxes in Oakland, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 0.43%, significantly lower than both the Tennessee state median of 0.68% and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 38060 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these areas compare with Oakland provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
0.43%
Average Fayette County Tax Rate
0.32%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | 0.32% | 0.32% | 0.43% | 0.43% | 0.43% |
| 38076 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Tennessee
In Oakland, 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 Fayette 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 Oakland, 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. For instance, the median home price in Oakland is $220,200, with tax bills ranging from $630 at the 25th percentile to $1,387 at the 90th percentile. The highest median tax bill is $912 in the 38060 zip code, while the lowest is $108 in the 38076 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and manage their tax burden effectively.
Average Oakland Assessed Value
$220,200
Average Fayette County Assessed Value
$164,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | $50,000 | $156,200 | $220,200 | $279,300 | $333,500 |
| 38076 | $33,300 | $33,300 | $33,300 | $33,300 | $33,300 |
Source: Ownwell
Property Tax Bills Across Oakland, Tennessee
In Oakland, TN, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the market value of the home. For homeowners in Fayette County, the tax rate is applied to this assessed value to determine the annual tax bill. Various factors such as property size, location, and improvements can influence the assessed value. Homeowners in Oakland can expect a range of property tax bills. For instance, the tax bill at the 25th percentile is $630, while the 75th percentile sees bills around $1159. The highest median tax bill in the area is $912 in the 38060 zip code, whereas the lowest median tax bill is $108 in the 38076 zip code. Compared to the national median property tax rate of 0.99%, the property tax rates in Oakland can be relatively modest, making it an attractive option for homeowners looking for manageable property tax expenses.
Average Oakland Tax Bill
$912
Average Fayette County Tax Bill
$616
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38060 | $172 | $630 | $912 | $1,159 | $1,387 |
| 38076 | $108 | $108 | $108 | $108 | $108 |
Source: Ownwell