Elba, Alabama Property Taxes
The median property tax rate in Elba, AL is 0.25%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $193,960 in Elba, the typical annual property tax bill is $477, well below the national median of $2,690. Property taxes in Elba are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Elba'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 Elba or another part of Covington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elba, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$485
Ownwell’s Elba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elba 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 Elba, Alabama
Property taxes in Elba, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elba is 0.25%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Elba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elba 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 Elba's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is found in Shelby County with a rate of 0.43%, while the lowest median tax rate is in Crenshaw County at 0.21%. Understanding how these cities compare with Elba provides valuable insights into the varying tax landscape across Covington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elba Tax Rate
0.25%
Average Covington County Tax Rate
0.34%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elba, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36323 | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Source: Ownwell
Property Tax Assessment Values Across Elba, Alabama
In Elba, Alabama, 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 Covington 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 Elba, 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 Elba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elba both stand at $477, specifically within the 36323 zip code.
Average Elba Assessed Value
$193,960
Average Covington County Assessed Value
$114,020
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elba, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36323 | $193,960 | $193,960 | $193,960 | $193,960 | $193,960 |
Source: Ownwell
Property Tax Bills Across Elba, Alabama
In Elba, Covington County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Elba is $193,960. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, homeowners in Elba typically see a median property tax bill of $477, which is consistent across various percentiles, indicating a stable tax environment. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Elba's property tax rate results in a relatively modest tax bill for homeowners. This can have a significant impact on homeowners, making homeownership more affordable and potentially increasing the attractiveness of the area for new residents. The consistency in tax bills also provides a level of predictability, which can be beneficial for long-term financial planning.
Average Elba Tax Bill
$477
Average Covington County Tax Bill
$408
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Elba, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36323 | $477 | $477 | $477 | $477 | $477 |
Source: Ownwell