Oliver Springs, Tennessee Property Taxes
The median property tax rate in Oliver Springs, TN is 0.68%, slightly higher than the state median of 0.64% but lower than the national median of 0.99%. With a median home value of $82,350, the typical annual property tax bill in Oliver Springs is $564, well below the national median of $2,690. Property taxes in Oliver Springs are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Oliver Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Oliver Springs or another part of Morgan County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oliver Springs, 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 Oliver Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oliver Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oliver Springs 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 Oliver Springs, Tennessee
Property taxes in Oliver Springs, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oliver Springs is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Oliver Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oliver Springs 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 Oliver Springs' effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37840 zip code has the highest median property tax rate of 0.68%, while it also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Oliver Springs provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oliver Springs Tax Rate
0.68%
Average Morgan County Tax Rate
0.68%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Oliver Springs, Tennessee
In Oliver Springs, 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 Morgan 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 Oliver Springs, 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 Oliver Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oliver Springs is $82,350. The highest median tax bill is $564 in the 37840 zip code, while the lowest median tax bill is also $564 in the same zip code.
Property Tax Assessment Values Across Oliver Springs, Tennessee
Source: Ownwell
$43,300
$118,525
$193,750
Average Oliver Springs Assessed Value
$82,350
Average Morgan County Assessed Value
$87,650
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $18,800 | $43,725 | $82,350 | $135,575 | $200,800 |
Source: Ownwell
Property Tax Bills Across Oliver Springs, Tennessee
In Oliver Springs, located in Morgan County, TN, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value, impacting the overall tax bill. For instance, with a median home price of $82,350, homeowners in Oliver Springs can expect varying tax bills. The 25th percentile tax bill is around $302, while those in the 75th percentile pay approximately $933. At the higher end, the 90th percentile tax bill reaches $1,389. Comparatively, the highest and lowest median tax bills in the area are both $564, indicating some consistency in tax assessments within the 37840 zip code. These tax bills play a significant role in homeowners' finances, affecting monthly budgets and long-term financial planning. Understanding how these taxes are calculated helps homeowners anticipate their expenses and manage their property investments more effectively.
Average Oliver Springs Tax Bill
$564
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oliver Springs, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $135 | $302 | $564 | $933 | $1,389 |
Source: Ownwell