Fayette, Alabama Property Taxes
The median property tax rate in Fayette, AL is 0.22%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $91,930 in Fayette, the typical annual property tax bill amounts to $215, which is considerably below the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Fayette'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 Fayette or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette, 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 Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Alabama
Property taxes in Fayette, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette 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 Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Alabama and the national median. For comparison, Jefferson County has the highest median property tax rate of 0.66%, while Crenshaw County has the lowest median tax rate of 0.16%. Understanding how these cities compare with Fayette 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 Fayette Tax Rate
0.22%
Average Lamar County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | 0.10% | 0.18% | 0.22% | 0.25% | 0.29% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Alabama
In Fayette, 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 local 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 Fayette, 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 Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 35555, at $215, while the lowest is also 35555, at $215.
Average Fayette Assessed Value
$91,930
Average Lamar County Assessed Value
$83,780
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $38,510 | $51,175 | $91,930 | $133,430 | $193,550 |
Source: Ownwell
Property Tax Bills Across Fayette, Alabama
In Fayette, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For homeowners in Fayette, the assessed value is determined by local tax assessors who evaluate various factors, including the property's location, size, and condition. The median home price in Fayette is $91,930, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Fayette can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $107, while at the 75th percentile, it rises to $348. At the 90th percentile, homeowners might see a tax bill as high as $494. These variations reflect differences in property values and specific assessments. The highest median tax bill in the area is $215, found in the 35555 zip code. Compared to the national median property tax rate of 0.99%, Fayette's property tax rates can have a considerable impact on homeowners, influencing their annual financial planning and overall housing costs.
Average Fayette Tax Bill
$215
Average Lamar County Tax Bill
$248
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $57 | $107 | $215 | $348 | $494 |
Source: Ownwell