Rockwood, Tennessee Property Taxes
The median property tax rate in Rockwood, TN is 0.60%, which is significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $101,400 in Rockwood, the typical annual property tax bill amounts to $694, well below the national median of $2,690. Property taxes in Rockwood 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. Understanding Rockwood'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 Rockwood or another part of the city, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rockwood, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$608
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, Tennessee
Property taxes in Rockwood, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 0.60%, which is significantly 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 zip code 37854 has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Rockwood 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 Rockwood 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 Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | 0.60% | 0.60% | 0.60% | 0.81% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Rockwood, Tennessee. 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. 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 median tax bill is 37854 at $694, which is also the lowest median tax bill, highlighting the uniformity in this region.
Average Rockwood Assessed Value
$101,400
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 Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $34,580 | $58,800 | $101,400 | $170,700 | $346,160 |
Source: Ownwell
Property Tax Bills Across Rockwood, Tennessee
In Rockwood, TN, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Rockwood, understanding this process is crucial as it directly impacts their financial planning. Several factors influence the assessed value, including the property's size, age, location, and any improvements made. In Roane County, where Rockwood is located, the median home price is $101,400. The property tax rate in this area can significantly affect homeowners' expenses. For instance, the 25th percentile tax bill is $425, while the 75th percentile tax bill is $1,154, and the 90th percentile tax bill reaches $2,201. Compared to the national median property tax rate of 0.99%, Rockwood's property tax bills can vary widely, reflecting the diversity in property values and local tax policies. Homeowners must stay informed about these factors to manage their tax liabilities effectively.
Average Rockwood Tax Bill
$694
Average Roane County Tax Bill
$896
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37854 | $241 | $425 | $694 | $1,154 | $2,201 |
Source: Ownwell