Millport, Alabama Property Taxes
The median property tax rate in Millport, Alabama is 0.28%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $88,520 in Millport, the typical annual property tax bill amounts to just $270, far below the national median of $2,690. Property taxes in Millport are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Millport'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 Millport 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
Millport, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$248
Ownwell’s Millport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millport 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 Millport, Alabama
Property taxes in Millport, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millport is 0.31%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Millport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millport 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 Millport's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is 0.54%, while the lowest median tax rate is 0.20%. Understanding how these cities compare with Millport provides valuable insights into the varying tax landscape across Lamar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millport Tax Rate
0.28%
Average Lamar County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millport, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35576 | 0.16% | 0.22% | 0.28% | 0.36% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Millport, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millport, Alabama. 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 Lamar 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 Millport, 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 Millport is $88,520, with tax bills ranging from $129 at the 25th percentile to $706 at the 90th percentile. The highest and lowest median tax bills are both $270, found in the 35576 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millport Assessed Value
$88,520
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 Millport, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35576 | $22,776 | $48,560 | $88,520 | $157,900 | $240,552 |
Source: Ownwell
Property Tax Bills Across Millport, Alabama
In Millport, located in Lamar County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Millport see property tax bills that reflect local tax rates applied to their property's assessed value. For instance, the median home price in Millport stands at $88,520. Property tax bills can vary significantly, with the 25th percentile tax bill at $129 and the 75th percentile at $470. The 90th percentile tax bill reaches up to $706, indicating a range of tax burdens among homeowners. The assessed value is influenced by various factors, including property size, location, and market conditions. These tax bills are essential for funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Millport's property tax rates can be relatively lower, making it a potentially less expensive area for homeowners. However, understanding these bills and their impact on annual expenses is crucial for effective financial planning.
Average Millport Tax Bill
$270
Average Lamar County Tax Bill
$248
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Millport, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35576 | $49 | $129 | $270 | $470 | $706 |
Source: Ownwell