Riceville, Tennessee Property Taxes
The median property tax rate in Riceville, TN is 0.42%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With the median home value in Riceville, the typical annual property tax bill amounts to $581, which is much less than the national median of $2,690. Property taxes in Riceville 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 Riceville'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 Riceville or another part of McMinn County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Riceville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$565
$525
Ownwell’s Riceville Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Riceville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riceville to provide an estimated property tax bill. This valuable tool helps you comprehend potential tax liabilities. If you’re curious about trends at the neighborhood level, scroll down for more localized information. Your property’s assessed value is determined by McMinn County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Riceville, Tennessee
Property taxes in Riceville, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riceville is 0.42%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Riceville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riceville 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 Riceville's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37370 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these areas compare with Riceville provides valuable insights into the varying tax landscape across McMinn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riceville Tax Rate
0.42%
Average Mcminn County Tax Rate
0.48%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riceville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37370 | 0.37% | 0.40% | 0.42% | 0.46% | 0.55% |
Source: Ownwell
Property Tax Assessment Values Across Riceville, Tennessee
In Riceville, 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 McMinn 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 Riceville, 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 Riceville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $581.00 in the 37370 zip code, which also has the lowest median tax bill, reflecting the consistency in property tax assessments within the region.
Average Riceville Assessed Value
$134,600
Average Mcminn County Assessed Value
$107,800
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riceville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37370 | $44,020 | $80,200 | $134,600 | $196,700 | $270,500 |
Source: Ownwell
Property Tax Bills Across Riceville, Tennessee
In Riceville, McMinn County, TN, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, which is determined by the local assessor's office. Once the assessed value is established, it is multiplied by the tax rate set by the county to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or abatements. For instance, a median home in Riceville, priced at $134,600, may see a tax bill ranging from $373 at the 25th percentile to $1,107 at the 90th percentile, with the highest median tax bill recorded at $581. Homeowners in Riceville should be aware that property taxes can significantly impact their annual expenses. Understanding how these taxes are calculated and what factors are considered can help homeowners plan their finances better and potentially seek appeals or exemptions to reduce their tax burden.
Average Riceville Tax Bill
$581
Average Mcminn County Tax Bill
$618
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Riceville, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37370 | $203 | $373 | $581 | $832 | $1,107 |
Source: Ownwell