Oneida, Tennessee Property Taxes
The median property tax rate in Oneida, TN is 0.62%, 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 Oneida at $77,600, the typical annual property tax bill is $597, significantly less than the national median of $2,690. Property taxes in Oneida are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oneida'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 Oneida 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
Oneida, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$481
Ownwell’s Oneida Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oneida with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oneida 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 Oneida, Tennessee
Property taxes in Oneida, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oneida is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Oneida set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oneida 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 Oneida's effective property tax rate to other areas in Tennessee and the national median. For comparison, the zip code 37841 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these figures compare with Oneida provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oneida Tax Rate
0.62%
Average Scott County Tax Rate
0.62%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oneida, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37841 | 0.62% | 0.62% | 0.62% | 0.99% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Oneida, Tennessee
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oneida, 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 Scott County 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 Oneida, 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. The median home price in Oneida is $77,600, with tax bills ranging from $343 at the 25th percentile to $1,445 at the 90th percentile. The zip code with the highest and lowest median tax bill in the area is 37841, with a median tax bill of $597. 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 Oneida helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oneida Assessed Value
$77,600
Average Scott County Assessed Value
$69,000
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oneida, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37841 | $25,900 | $45,125 | $77,600 | $125,625 | $183,990 |
Source: Ownwell
Property Tax Bills Across Oneida, Tennessee
In Oneida, located in Scott County, TN, property tax bills are calculated based on the assessed value of a home. The assessment is typically a percentage of the market value, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $77,600, homeowners can expect tax bills to vary significantly. The tax bill in Oneida ranges from the 25th percentile at $343 to the 75th percentile at $962, with the 90th percentile reaching up to $1,445. The highest median tax bill recorded in the area is $597, which also stands as the lowest median tax bill, indicating a relatively uniform tax structure within the zip code 37841. Compared to the national median property tax rate of 0.99%, Oneida's tax bills reflect the local economic conditions and property values, impacting homeowners by influencing both their annual expenses and the overall affordability of owning property in the area.
Average Oneida Tax Bill
$597
Average Scott County Tax Bill
$471
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Oneida, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37841 | $187 | $343 | $597 | $962 | $1,445 |
Source: Ownwell