Rainbow City, Alabama Property Taxes
The median property tax rate in Rainbow City, AL is 0.39%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Rainbow City at $201,600, the typical annual property tax bill reaches $917, significantly below the national median of $2,690. Property taxes in Rainbow City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rainbow City'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 Rainbow City 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
Rainbow City, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$786
Ownwell’s Rainbow City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rainbow City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rainbow City 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 Rainbow City, Alabama
Property taxes in Rainbow City, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rainbow City is 0.39%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Rainbow City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rainbow City 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 Rainbow City'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 35203 with a rate of 0.66%, while the lowest median tax rate is in 36549 at 0.33%. Understanding how these cities compare with Rainbow City provides valuable insights into the varying tax landscape across Etowah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rainbow City Tax Rate
0.39%
Average Etowah County Tax Rate
0.42%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rainbow City, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35906 | 0.34% | 0.38% | 0.39% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Rainbow City, Alabama
In Rainbow City, 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 Etowah 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 Rainbow City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Rainbow City is $201,600, with the highest and lowest median tax bills both being $917 in the 35906 zip code.
Average Rainbow City Assessed Value
$201,600
Average Etowah County Assessed Value
$135,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rainbow City, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35906 | $89,820 | $148,000 | $201,600 | $279,400 | $403,160 |
Source: Ownwell
Property Tax Bills Across Rainbow City, Alabama
In Rainbow City, Etowah County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the county tax assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Rainbow City see a range of tax bills, reflecting the varying property values within the area. For instance, the 25th percentile tax bill is approximately $640, while the 75th percentile reaches about $1,376. At the higher end, the 90th percentile tax bill is around $1,909. The median home price in Rainbow City stands at $201,600, which influences the overall tax bill homeowners can expect. With the national median property tax rate at 0.99%, Rainbow City's property tax bills are relatively moderate. The highest and lowest median tax bills in the city are both $917, indicating some consistency in the tax amounts across different properties. These tax payments are crucial for funding local services and infrastructure, directly impacting the quality of life for residents.
Average Rainbow City Tax Bill
$917
Average Etowah County Tax Bill
$625
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Rainbow City, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35906 | $426 | $640 | $917 | $1,376 | $1,909 |
Source: Ownwell