Oliver Springs, Roane County, Tennessee Property Taxes
The median property tax rate in Oliver Springs, TN is 0.60%, 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 Oliver Springs at $123,800, the typical annual property tax bill reaches $813, significantly 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 various exemptions such as primary residence and agricultural exemptions. 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 the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oliver Springs, Roane County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$743
$689
Ownwell’s Oliver Springs Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to 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 provide an estimated property tax bill. This insightful tool is invaluable for understanding potential tax liabilities. For those interested in more granular trends, further localized information is available. Your property’s assessed value, determined by Roane County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Oliver Springs, Roane County, Tennessee
Property taxes in Oliver Springs, Tennessee, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oliver Springs is 0.60%, lower than both the Tennessee state median and 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 0.60%, while the 37840 zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Oliver Springs 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 Oliver Springs Tax Rate
0.60%
Average Roane County Tax Rate
0.60%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oliver Springs, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | 0.60% | 0.60% | 0.60% | 0.60% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Oliver Springs, Roane County, 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 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 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 highest and lowest median tax bills in Oliver Springs are both $813, found in the zip code 37840.
Property Tax Assessment Values Across Oliver Springs, Roane County, Tennessee
Source: Ownwell
$94,550
$154,675
$214,800
Average Oliver Springs Assessed Value
$123,800
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 Oliver Springs, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $37,040 | $68,900 | $123,800 | $185,700 | $256,880 |
Source: Ownwell
Property Tax Bills Across Oliver Springs, Roane County, Tennessee
Property tax bills in Oliver Springs, located in Roane County, TN, are calculated based on the assessed value of a property. The local government assesses properties to determine their taxable value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Oliver Springs, the median home price is $123,800, and the property tax rate is significantly lower than the national median rate of 0.99%. Several factors influence the tax bill, including property size, location, and market conditions. In Oliver Springs, the 25th percentile tax bill is $484, while the 75th percentile tax bill reaches $1,160, and the 90th percentile tax bill can go up to $1,603. This range demonstrates how property values and tax rates can vary within the area. For homeowners, understanding these factors is crucial as property taxes impact annual expenses and overall affordability. Knowing how the tax bill is determined can help homeowners plan their finances better and possibly explore appeal options if they believe their property has been over-assessed.
Average Oliver Springs Tax Bill
$813
Average Roane County Tax Bill
$896
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oliver Springs, Roane County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37840 | $235 | $484 | $813 | $1,160 | $1,603 |
Source: Ownwell