Bankston, Alabama Property Taxes
The median property tax rate in Bankston, Alabama is 0.28%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Bankston at $90,700, the typical annual property tax bill amounts to $249, far below the national median of $2,690. Property taxes in Bankston 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 Bankston'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 Bankston or another part of Fayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bankston, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$254
Ownwell’s Bankston Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bankston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bankston 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 Fayette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bankston, Alabama
Property taxes in Bankston, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bankston is 0.33%, which is significantly lower than the national median of 0.99%. Local government entities within Bankston set these rates annually, and they can vary across different neighborhoods. Each year, Bankston 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 foundation for setting property tax rates. The data below compares Bankston's effective property tax rate to other counties in Alabama and the national median. For comparison, 35203 has the highest median property tax rate of 0.66%, while 35042 has the lowest median tax rate of 0.33%. Understanding how these cities compare with Bankston provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bankston Tax Rate
0.28%
Average Fayette County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bankston, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35542 | 0.16% | 0.23% | 0.28% | 0.37% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Bankston, Alabama
In Bankston, 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 Fayette 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 Bankston, 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 Bankston is $90,700. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the zip code 35542 has the highest median tax bill at $249. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bankston Assessed Value
$90,700
Average Fayette County Assessed Value
$94,200
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bankston, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35542 | $18,440 | $42,100 | $90,700 | $155,250 | $218,660 |
Source: Ownwell
Property Tax Bills Across Bankston, Alabama
In Bankston, Fayette 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 this area is $90,700. Homeowners' tax bills vary significantly, with the 25th percentile at $109 and the 75th percentile at $471. This variation is due to factors such as property size, location, and any applicable exemptions or deductions. The tax rate in Fayette County is determined by local government budgets and needs, and it influences the final tax bill. For instance, the highest median tax bill in the area is $249, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners anticipate their tax obligations and better manage their finances.
Average Bankston Tax Bill
$249
Average Fayette County Tax Bill
$330
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Bankston, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35542 | $44 | $109 | $249 | $471 | $697 |
Source: Ownwell