Riddleton, Smith County, Tennessee Property Taxes
The median property tax rate in Riddleton, TN is 0.43%, significantly lower than both the national median of 0.99% and the Tennessee state median of 0.64%. With a median home value of $169,000 in Riddleton, the typical annual property tax bill is approximately $732, well below the national median of $2,690. Property taxes in Riddleton are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. Understanding Riddleton'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 Riddleton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Riddleton, Smith County, Tennessee Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$727
$674
Ownwell’s Riddleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riddleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riddleton 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 Riddleton, Smith County, Tennessee
Property taxes in Riddleton, Tennessee, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riddleton is 0.43%, significantly lower than both the Tennessee state median and the U.S. national median of 0.99%. Local government entities within Riddleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riddleton 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 Riddleton's effective property tax rate to other counties in Tennessee and the national median. For comparison, the 37151 zip code has both the highest and lowest median property tax rate of 0.43%. Understanding how these cities compare with Riddleton provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riddleton Tax Rate
0.43%
Average Smith County Tax Rate
0.43%
Average Tennessee Tax Rate
0.64%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riddleton, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37151 | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Riddleton, Smith County, Tennessee
In Riddleton, 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 Smith 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 Riddleton, 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 Riddleton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in the area is $169,000, with median tax bills ranging from $394 at the 25th percentile to $1,481 at the 90th percentile.
Property Tax Assessment Values Across Riddleton, Smith County, Tennessee
Source: Ownwell
$115,000
$149,650
$184,300
Average Riddleton Assessed Value
$169,000
Average Smith County Assessed Value
$164,300
Average Tennessee Assessed Value
$173,500
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riddleton, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37151 | $43,600 | $90,950 | $169,000 | $262,250 | $341,700 |
Source: Ownwell
Property Tax Bills Across Riddleton, Smith County, Tennessee
In Riddleton, located in Smith County, TN, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor's office, which evaluates the market value and then applies an assessment ratio. In Tennessee, the assessment ratio for residential properties is 25% of the market value. For instance, a home with a market value of $169,000 would have an assessed value of $42,250. The tax rate, set by local government authorities, is then applied to this assessed value to calculate the property tax bill. Homeowners in Riddleton experience a range of tax bills, with the 25th percentile at $394 and the 75th percentile at $1,136. At the 90th percentile, the tax bill can be as high as $1,481. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these factors interplay helps homeowners in Riddleton anticipate their annual property tax obligations and manage their finances accordingly.
Average Riddleton Tax Bill
$732
Average Smith County Tax Bill
$769
Average Tennessee Tax Bill
$1,206
Average United States Tax Bill
$2,690
Property Tax Bills Across Riddleton, Smith County, Tennessee
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 37151 | $182 | $394 | $732 | $1,136 | $1,481 |
Source: Ownwell