Hamilton, Alabama Property Taxes
The median property tax rate in Hamilton, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Hamilton at $105,122, the typical annual property tax bill amounts to $349, far below the national median of $2,690. Property taxes in Hamilton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hamilton'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 Hamilton 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
Hamilton, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$315
Ownwell’s Hamilton Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a more localized level, additional neighborhood-specific information is available below. Your property’s assessed value is the value assigned by Marion County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hamilton, Alabama
Property taxes in HAMILTON, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in HAMILTON is 0.33%, which is significantly lower than both the Alabama state median of 0.41% and the U.S. national median of 0.99%. Local government entities within HAMILTON set these rates annually, and they can vary significantly across different neighborhoods. Each year, HAMILTON 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 HAMILTON's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35203 zip code has the highest median property tax rate of 0.66%, while the 35121 zip code has the lowest median tax rate of 0.31%. Understanding how these cities compare with HAMILTON provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
0.30%
Average Marion County Tax Rate
0.32%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | 0.21% | 0.25% | 0.30% | 0.54% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Alabama
In Hamilton, 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 35570 has both the highest and lowest median tax bill at $349, which provides a benchmark for property owners in the area.
Average Hamilton Assessed Value
$105,122
Average Marion County Assessed Value
$95,335
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | $32,892 | $61,196 | $105,122 | $167,626 | $254,021 |
Source: Ownwell
Property Tax Bills Across Hamilton, Alabama
In Hamilton, located in Marion County, AL, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. The assessed value is a percentage of the property's market value. Homeowners in Hamilton typically see a range of property tax bills, with the 25th percentile at $197 and the 75th percentile at $581. The tax bill can go as high as $871 for the 90th percentile. The median home price in Hamilton is $105,122, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the highest median tax bill recorded in Hamilton is $349, which is significantly lower than the national average. This relatively low property tax rate provides some financial relief for homeowners, making Hamilton an attractive place for property investment. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Hamilton Tax Bill
$349
Average Marion County Tax Bill
$328
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | $105 | $197 | $349 | $581 | $871 |
Source: Ownwell