Rockwood, Morgan County, Tennessee Property Taxes
The median property tax rate in Rockwood, TN is 0.68%, slightly higher than the Tennessee state median of 0.64% but still below the national median of 0.99%. With a median home value of $72,350 in Rockwood, the typical annual property tax bill is about $490, which is significantly lower than the national median of $2,690. Property taxes in Rockwood are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Rockwood'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 Rockwood 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
Rockwood, Morgan County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$492
$457
Ownwell’s Rockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockwood 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 Rockwood, Morgan County, Tennessee
Property taxes in Rockwood, Tennessee, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37854 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Rockwood 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 Rockwood 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 Rockwood, Morgan County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Morgan County, Tennessee
In Rockwood, 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 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. In Rockwood, 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 Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 37854, with a median tax bill of $490.
Property Tax Assessment Values Across Rockwood, Morgan County, Tennessee
Source: Ownwell
$43,300
$118,525
$193,750
Average Rockwood Assessed Value
$72,350
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 Rockwood, Morgan County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $21,920 | $39,600 | $72,350 | $133,600 | $197,960 |
Source: Ownwell
Property Tax Bills Across Rockwood, Morgan County, Tennessee
In Rockwood, TN, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value, which is determined by the county assessor. For homeowners in Rockwood, the median home price is $72,350. Property tax bills can vary significantly, with the 25th percentile at $270 and the 75th percentile at $908, indicating a range of what homeowners might expect to pay. The highest and lowest median tax bills in the area are both $490, found in the 37854 zip code, highlighting a relatively consistent tax environment within the region. These figures are influenced by various factors, including property characteristics and local tax policies. Comparatively, Rockwood’s property tax rates provide a more affordable option than the national median property tax rate of 0.99%. Understanding these variables helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Rockwood Tax Bill
$490
Average Morgan County Tax Bill
$603
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Morgan County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $148 | $270 | $490 | $908 | $1,345 |
Source: Ownwell