Lockhart, Alabama Property Taxes
The median property tax rate in Lockhart, Alabama is 0.74%, which is lower than the national median of 0.99% but higher than the Alabama state median of 0.47%. With a median home value of $51,890 in Lockhart, the typical annual property tax bill is approximately $243, significantly below the national median of $2,690. Property taxes in Lockhart are calculated based on the assessed value, which is often lower than the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Lockhart'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 Lockhart or another part of Covington County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lockhart, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Lockhart Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockhart with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockhart 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 Lockhart, Alabama
Property taxes in Lockhart, Alabama, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockhart is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Lockhart set these rates annually, and they can vary across different neighborhoods. Each year, Lockhart 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 Lockhart's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36455 has both the highest and lowest median property tax rate of 0.74%. Understanding how these cities compare with Lockhart 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 Lockhart Tax Rate
0.74%
Average Covington County Tax Rate
0.34%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockhart, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36455 | 0.28% | 0.31% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Lockhart, Alabama
In Lockhart, 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. 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 Lockhart helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $243, found in the 36455 zip code, while the lowest median tax bill is also $243 in the same zip code.
Average Lockhart Assessed Value
$51,890
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 Lockhart, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36455 | $21,588 | $33,005 | $51,890 | $81,720 | $115,894 |
Source: Ownwell
Property Tax Bills Across Lockhart, Alabama
In Lockhart, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $51,890, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Several factors influence the tax bill, including property location, market conditions, and any eligible exemptions or deductions. In Covington County, where Lockhart is located, the tax bills range widely. For example, the 25th percentile tax bill is approximately $169, while the 75th percentile is around $386. Homeowners at the 90th percentile could see bills as high as $524. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding how these bills are calculated helps homeowners plan their finances better and take advantage of any potential tax relief options.
Average Lockhart Tax Bill
$243
Average Covington County Tax Bill
$408
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockhart, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36455 | $108 | $169 | $243 | $386 | $524 |
Source: Ownwell