Ridgely, Tennessee Property Taxes
The median property tax rate in Ridgely, TN is 1.30%, significantly higher than both the national median of 0.99% and Tennessee's state median of 0.64%. With a median home value of $50,600 in Ridgely, the typical annual property tax bill amounts to $600, which is below the national median of $2,690. Property taxes in Ridgely are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Ridgely'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 Ridgely or another part of Lake County, getting familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ridgely, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$658
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, Tennessee
Property taxes in Ridgely, Tennessee, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Ridgely is 1.30%, significantly higher 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 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. Understanding how Ridgely's effective property tax rate compares to other counties in Tennessee and the national median provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ridgely Tax Rate
1.30%
Average Lake County Tax Rate
1.30%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ridgely, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | 0.83% | 1.29% | 1.30% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Ridgely, 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 Lake 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 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. Notably, the highest and lowest median tax bills in the area are both $600, found in the 38080 zip code.
Average Ridgely Assessed Value
$50,600
Average Lake County Assessed Value
$51,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ridgely, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | $21,800 | $34,100 | $50,600 | $75,100 | $126,500 |
Source: Ownwell
Property Tax Bills Across Ridgely, Tennessee
Property tax bills in Ridgely, located in Lake County, TN, are calculated based on the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $50,600, the property tax bill can vary significantly. Homeowners in the 25th percentile pay around $402, while those in the 75th percentile see bills up to $917. At the higher end, the 90th percentile tax bill reaches $1,394. These tax bills are influenced by several factors, including changes in the market value of homes and adjustments in local tax rates. For residents, this means that an increase in property values or tax rates can lead to higher annual tax bills, impacting household budgets. Compared to the national median property tax rate of 0.99%, Ridgely’s property tax rates reflect the local economic conditions and municipal budget requirements, ensuring that essential services and infrastructure are adequately funded.
Average Ridgely Tax Bill
$600
Average Lake County Tax Bill
$585
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ridgely, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38080 | $241 | $402 | $600 | $917 | $1,394 |
Source: Ownwell