Geneva, Alabama Property Taxes
The median property tax rate in Geneva, AL is 0.41%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Geneva at $86,950, the typical annual property tax bill is $400, significantly below the national median of $2,690. Property taxes in Geneva 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 Geneva'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 Geneva 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
Geneva, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$356
Ownwell’s Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneva 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 Geneva, Alabama
Property taxes in Geneva, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneva is 0.41%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneva 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 Geneva's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36340 has both the highest and lowest median property tax rate of 0.41%. Understanding how these cities compare with Geneva provides valuable insights into the varying tax landscape across Geneva County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Geneva Tax Rate
0.41%
Average Geneva County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneva, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36340 | 0.24% | 0.34% | 0.41% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Geneva, Alabama
In Geneva, 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 Geneva 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 Geneva, 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. For instance, the median home price in Geneva is $86,950, with the 25th percentile tax bill at $224 and the 75th percentile tax bill at $674. The highest and lowest median tax bill is $400 in the 36340 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Geneva Assessed Value
$86,950
Average Geneva County Assessed Value
$100,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Geneva, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36340 | $26,900 | $50,200 | $86,950 | $144,825 | $226,300 |
Source: Ownwell
Property Tax Bills Across Geneva, Alabama
Property tax bills in Geneva, Alabama, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Geneva is $86,950. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, in Geneva, the tax bill at the 25th percentile is $224, while at the 75th percentile, it reaches $674. The highest median tax bill recorded in the city is $400. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Geneva may find their property tax bills relatively manageable compared to the national median property tax rate of 0.99%. However, these taxes still represent a significant annual expense that must be budgeted for. Understanding how these taxes are calculated can help homeowners plan their finances more effectively and potentially seek out available exemptions to reduce their tax burden.
Average Geneva Tax Bill
$400
Average Geneva County Tax Bill
$373
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneva, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36340 | $108 | $224 | $400 | $674 | $997 |
Source: Ownwell