Oak Ridge, Tennessee Property Taxes
The median property tax rate in Oak Ridge, TN is 0.59%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value in Oak Ridge of $214,800, the typical annual property tax bill amounts to $1,257, well below the national median of $2,690. Property taxes in Oak Ridge are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Oak Ridge'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 Oak Ridge 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
Oak Ridge, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$1,267
Ownwell’s Oak Ridge Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Oak Ridge. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Oak Ridge to provide an accurate estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed information, localized trends on a neighborhood level are available further down the page. Remember, your property’s assessed value is determined by the county and includes any applicable exemptions, ensuring a precise calculation.
Property Tax Rates Across Oak Ridge, Tennessee
Property taxes in Oak Ridge, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Ridge is 0.59%, which is lower than the U.S. national median of 0.99%. Local government entities within Oak Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Ridge 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 Oak Ridge's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37830 zip code has both the highest and lowest median property tax rate of 0.59%. Understanding how these cities compare with Oak Ridge provides valuable insights into the varying tax landscape across Roane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Ridge Tax Rate
0.59%
Average Roane County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | 0.58% | 0.58% | 0.59% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Oak Ridge, Tennessee
In Oak Ridge, 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 Roane County Assessor of Property 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 Oak Ridge, 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 Oak Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Ridge is $214,800, with the 25th percentile tax bill at $1,013 and the 75th percentile at $1,601. The zip code 37830 has both the highest and lowest median tax bill, at $1,257.
Average Oak Ridge Assessed Value
$214,800
Average Roane County Assessed Value
$132,200
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | $124,500 | $173,125 | $214,800 | $273,275 | $384,870 |
Source: Ownwell
Property Tax Bills Across Oak Ridge, Tennessee
In Oak Ridge, TN, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property’s location, size, and condition can influence its market value, and in turn, its assessed value. Homeowners in Oak Ridge experience a range of property tax bills. For instance, the tax bill at the 25th percentile is $1,013, while it rises to $1,601 at the 75th percentile and reaches $2,259 at the 90th percentile. The median home price in Oak Ridge is $214,800, which provides a benchmark for understanding these tax figures. Compared to the national median property tax rate of 0.99%, Oak Ridge's property tax landscape offers a varied but competitive range for homeowners. These property tax bills impact homeowners by contributing to local services and infrastructure, which enhances the community's overall quality of life.
Average Oak Ridge Tax Bill
$1,257
Average Roane County Tax Bill
$896
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Ridge, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37830 | $779 | $1,013 | $1,257 | $1,601 | $2,259 |
Source: Ownwell