Riceville, Tennessee Property Taxes
The median property tax rate in Riceville, 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 Riceville at $15,600, the typical annual property tax bill is $98, significantly below the national median of $2,690. Property taxes in Riceville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Riceville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Riceville 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
Riceville, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$98
Ownwell’s Riceville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Riceville with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Riceville to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities effortlessly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and includes 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 0.63%, which is lower than 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. For comparison, the 37370 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 Riceville provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riceville Tax Rate
0.63%
Average Polk County Tax Rate
0.63%
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 | 0.63% | 0.63% | 0.63% | 0.63% | 0.63% |
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 local 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.
Average Riceville Assessed Value
$15,600
Average Polk County Assessed Value
$48,850
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 | $15,600 | $15,600 | $15,600 | $15,600 | $15,600 |
Source: Ownwell
Property Tax Bills Across Riceville, Tennessee
In Riceville, located in Polk County, TN, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor and typically reflects a percentage of the market value of the home. For homeowners in Riceville, the median home price is relatively low at $15,600. This low median home price translates to generally lower property tax bills compared to national averages. The tax bill is influenced by several factors, including the property’s assessed value, the local tax rate, and any applicable exemptions or deductions. In Riceville, the 25th, 75th, and 90th percentile tax bills are all $98, indicating a consistent tax rate across various property values. This consistency can provide homeowners with predictable annual expenses, which is beneficial for financial planning. Compared to the national median property tax rate of 0.99%, Riceville's property tax rate offers a more affordable option for homeowners, making it an attractive location for those looking to minimize their property tax burden.
Average Riceville Tax Bill
$98
Average Polk County Tax Bill
$310
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 | $98 | $98 | $98 | $98 | $98 |
Source: Ownwell