Ripley, Tennessee Property Taxes
The median property tax rate in Ripley, TN is 0.63%, which is lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Ripley being $75,100, the typical annual property tax bill amounts to $470, substantially less than the national median of $2,690. Property taxes in Ripley 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 Ripley'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 Ripley 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
Ripley, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$473
Ownwell’s Ripley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ripley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ripley 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 Ripley, Tennessee
Property taxes in Ripley, Tennessee, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ripley is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Ripley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ripley 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 Ripley's effective property tax rate to other regions and the national median. For comparison, the 38063 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Ripley provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ripley Tax Rate
0.63%
Average Lauderdale County Tax Rate
0.63%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ripley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38063 | 0.62% | 0.63% | 0.63% | 0.63% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Ripley, Tennessee
In Ripley, 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 Lauderdale 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. 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 Ripley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ripley is $75,100, with tax bills ranging from $285 at the 25th percentile to $1,143 at the 90th percentile. The highest and lowest median tax bills, both at $470, are found in the 38063 zip code.
Average Ripley Assessed Value
$75,100
Average Lauderdale County Assessed Value
$73,500
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ripley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38063 | $26,420 | $46,000 | $75,100 | $122,400 | $183,900 |
Source: Ownwell
Property Tax Bills Across Ripley, Tennessee
In Ripley, located in Lauderdale County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's location, size, and condition play a critical role in determining its market value. For homeowners in Ripley, the median home price stands at $75,100. The property tax bill can vary significantly, with the 25th percentile at $285 and the 75th percentile reaching $764. At the 90th percentile, homeowners might see tax bills as high as $1,143. Compared to the national median property tax rate of 0.99%, Ripley's property tax bills reflect the local economic conditions and housing market. Homeowners should be aware that these taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community.
Average Ripley Tax Bill
$470
Average Lauderdale County Tax Bill
$476
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Ripley, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38063 | $161 | $285 | $470 | $764 | $1,143 |
Source: Ownwell