Belk, Alabama Property Taxes
The median property tax rate in Belk, Alabama is 0.34%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With the median home value in Belk at $80,750, the typical annual property tax bill is $457, which is well below the national median of $2,690. Property taxes in Belk 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 Belk'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 Belk 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
Belk, 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 BELK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BELK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BELK 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 Belk, Alabama
Property taxes in Belk, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belk is 0.33%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Belk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belk 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 Belk's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the state is 0.66%, while the lowest median tax rate is 0.22%. Understanding how these cities compare with Belk 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 Belk Tax Rate
0.34%
Average Fayette County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belk, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35545 | 0.25% | 0.29% | 0.34% | 0.64% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Belk, Alabama
In Belk, 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 Belk, 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 Belk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill in Belk is 35545, with a median tax bill of $457.
Average Belk Assessed Value
$80,750
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 Belk, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35545 | $39,350 | $56,725 | $80,750 | $129,200 | $275,430 |
Source: Ownwell
Property Tax Bills Across Belk, Alabama
In BELK, located in Fayette County, AL, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in BELK is $80,750. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $226 and the 75th percentile at $752. For those at the higher end, the 90th percentile tax bill reaches up to $980. Several factors influence these tax bills, including property location, home value, and applicable exemptions. The median tax bill in the highest and lowest zip codes within the county both stand at $457, reflecting a relatively consistent tax rate across different areas. Compared to the national median property tax rate of 0.99%, homeowners in BELK experience a more affordable property tax environment. Understanding these factors helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Belk Tax Bill
$457
Average Fayette County Tax Bill
$330
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Belk, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35545 | $184 | $226 | $457 | $752 | $980 |
Source: Ownwell