Slocomb, Alabama Property Taxes
The median property tax rate in Slocomb, AL is 0.37%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Slocomb at $104,800, the typical annual property tax bill is $406, far below the national median of $2,690. Property taxes in Slocomb are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Slocomb'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 Slocomb or another part of Geneva County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Slocomb, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$388
Ownwell’s Slocomb Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Slocomb with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Slocomb 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 Slocomb, Alabama
Property taxes in Slocomb, Alabama, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Slocomb is 0.37%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Slocomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Slocomb 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 Slocomb's effective property tax rate to other counties in Alabama and the national median. Understanding how these cities compare with Slocomb 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 Slocomb Tax Rate
0.37%
Average Geneva County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Slocomb, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36375 | 0.20% | 0.31% | 0.37% | 0.64% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Slocomb, Alabama
In Slocomb, 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 Slocomb, 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 Slocomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Slocomb is $104,800, with median tax bills ranging from $240 at the 25th percentile to $943 at the 90th percentile. The zip code 36375 has both the highest and lowest median tax bill at $406.
Average Slocomb Assessed Value
$104,800
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 Slocomb, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36375 | $35,880 | $62,900 | $104,800 | $177,900 | $271,820 |
Source: Ownwell
Property Tax Bills Across Slocomb, Alabama
In Slocomb, Geneva County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $104,800, homeowners can expect varying tax bills depending on their property's assessed value. Factors such as property size, location, and improvements are considered when determining the assessed value. In Slocomb, the 25th percentile of tax bills is around $240, while the 75th percentile reaches $655, and the 90th percentile can go up to $943. Comparatively, these figures are lower than the national median property tax rate of 0.99%, making Slocomb an attractive option for homeowners looking for lower property taxes. The highest and lowest median tax bills in the area are both $406, reflecting a consistent rate across different properties. This consistency helps homeowners budget more predictably for their annual tax expenses.
Average Slocomb Tax Bill
$406
Average Geneva County Tax Bill
$373
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Slocomb, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36375 | $142 | $240 | $406 | $655 | $943 |
Source: Ownwell