Loachapoka, Alabama Property Taxes
The median property tax rate in Loachapoka, AL is 0.64%, which is higher than the Alabama state median of 0.47% but still below the national median of 0.99%. With a median home value of $62,900, the typical annual property tax bill in Loachapoka is $458, significantly lower than the national median of $2,690. Property taxes in Loachapoka are based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Loachapoka, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Loachapoka or its surrounding areas, gaining insights into the local property tax system can be highly beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Loachapoka, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$403
Ownwell’s Loachapoka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loachapoka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loachapoka 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 Loachapoka, Alabama
Property taxes in Loachapoka, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loachapoka is 0.64%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Loachapoka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loachapoka 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 Loachapoka's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36865 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Loachapoka provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loachapoka Tax Rate
0.64%
Average Lee County Tax Rate
0.52%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loachapoka, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36865 | 0.45% | 0.52% | 0.64% | 0.76% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Loachapoka, Alabama
In Loachapoka, 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 Lee 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. 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 Loachapoka helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Loachapoka, the highest median tax bill is $458 in the 36865 zip code, which is also the lowest median tax bill.
Average Loachapoka Assessed Value
$62,900
Average Lee County Assessed Value
$237,000
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loachapoka, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36865 | $44,340 | $51,300 | $62,900 | $74,500 | $81,460 |
Source: Ownwell
Property Tax Bills Across Loachapoka, Alabama
In Loachapoka, located in Lee County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. Homeowners in this area pay property taxes at rates that can vary significantly depending on their property's assessed value. The median home price in Loachapoka is $62,900, and the property tax bill typically ranges from $309 at the 25th percentile to $696 at the 90th percentile. The highest median tax bill recorded in the area is $458, which aligns with the lowest median tax bill, both occurring in the 36865 zip code. Property tax rates in Loachapoka are lower than the national median property tax rate of 0.99%, making it relatively more affordable for homeowners. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding how these taxes are calculated can help homeowners budget more effectively and appeal their assessments if necessary.
Average Loachapoka Tax Bill
$458
Average Lee County Tax Bill
$1,329
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Loachapoka, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36865 | $219 | $309 | $458 | $607 | $696 |
Source: Ownwell