Ooltewah, Tennessee Property Taxes
The median property tax rate in Ooltewah, TN is 0.56%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ooltewah at $276,300, the typical annual property tax bill amounts to $1,658, well below the national median of $2,690. Property taxes in Ooltewah 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 Ooltewah'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 Ooltewah 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
Ooltewah, Tennessee Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$1,280
Ownwell’s Ooltewah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ooltewah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ooltewah 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 Hamilton County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ooltewah, Tennessee
Property taxes in Ooltewah, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ooltewah is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Ooltewah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ooltewah 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 Ooltewah's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37363 zip code has the highest median property tax rate of 0.56%, while the 37363 zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Ooltewah provides valuable insights into the varying tax landscape across Hamilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ooltewah Tax Rate
0.56%
Average Hamilton County Tax Rate
0.56%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ooltewah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37363 | 0.56% | 0.56% | 0.56% | 0.56% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Ooltewah, Tennessee
In Ooltewah, 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 Hamilton 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 Ooltewah, 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. The median home price in Ooltewah is $276,300, with the 25th percentile tax bill at $1,231 and the 75th percentile at $2,193. The highest and lowest median tax bills are both $1,658 in the 37363 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ooltewah Assessed Value
$276,300
Average Hamilton County Assessed Value
$194,600
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ooltewah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37363 | $149,610 | $205,825 | $276,300 | $359,100 | $476,200 |
Source: Ownwell
Property Tax Bills Across Ooltewah, Tennessee
In Ooltewah, Hamilton County, TN, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Ooltewah can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,231, while the 75th percentile is about $2,193. At the 90th percentile, tax bills can reach up to $2,920. Factors influencing the tax bill include the property's assessed value, applicable tax rates set by local authorities, and any exemptions for which the homeowner may qualify. Compared to the national median property tax rate of 0.99%, Ooltewah's rates can be considered moderate, providing some relief to homeowners. These property tax bills directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby enhancing community welfare.
Average Ooltewah Tax Bill
$1,658
Average Hamilton County Tax Bill
$1,209
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ooltewah, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37363 | $899 | $1,231 | $1,658 | $2,193 | $2,920 |
Source: Ownwell