Oak Ridge, Tennessee Property Taxes
The median property tax rate in Oak Ridge, TN is 0.39%, considerably lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Oak Ridge at $188,200, the typical annual property tax bill reaches $734, significantly below the national median of $2,690. Property taxes in Oak Ridge are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oak Ridge'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 Oak Ridge 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
Oak Ridge, 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 Oak Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Ridge 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 Oak Ridge, Tennessee
Property taxes in Oak Ridge, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Ridge is 0.39%, lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Oak Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Ridge 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 Oak Ridge's effective property tax rate to other counties in Tennessee and the national median. For comparison, the highest median property tax rate in the region is found in 37922 with a rate of 0.55%, while the lowest median tax rate is in 37918 at 0.32%. Understanding how these cities compare with Oak Ridge provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Ridge Tax Rate
0.39%
Average Knox County Tax Rate
0.39%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Oak Ridge, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oak Ridge, Tennessee. 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 Knox 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 Oak Ridge, 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 Oak Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Ridge is $188,200, with the tax bills ranging from $594 at the 25th percentile to $1,363 at the 90th percentile. The zip code 37830 has the highest and lowest median tax bill at $734.
Average Oak Ridge Assessed Value
$188,200
Average Knox County Assessed Value
$222,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | $130,260 | $150,700 | $188,200 | $269,000 | $385,200 |
Source: Ownwell
Property Tax Bills Across Oak Ridge, Tennessee
In Oak Ridge, 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 Oak Ridge is $188,200. The local property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the property's location, improvements, and any applicable exemptions can influence the assessed value. For instance, the tax bill for the 25th percentile of homes is approximately $594, while homes in the 75th percentile see tax bills around $1,045. At the 90th percentile, homeowners may pay up to $1,363. For the zip code 37830, the median tax bill is $734. These property taxes fund essential services like public schools, infrastructure, and emergency services, directly impacting homeowners by contributing to community development and property value stability. Compared to the national median property tax rate of 0.99%, Oak Ridge offers relatively affordable property tax rates, making it an attractive location for homeowners.
Average Oak Ridge Tax Bill
$734
Average Knox County Tax Bill
$1,143
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | $519 | $594 | $734 | $1,045 | $1,363 |
Source: Ownwell