Somerville, Alabama Property Taxes
The median property tax rate in Somerville, AL is 0.36%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Somerville, the typical annual property tax bill stands at $618, far below the national median of $2,690. Property taxes in Somerville are calculated based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Somerville'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 Somerville 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
Somerville, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$571
Ownwell’s Somerville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerville 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 Somerville, Alabama
Property taxes in Somerville, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerville is 0.36%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Somerville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerville 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 Somerville's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the region is 0.72%, while the lowest median tax rate is 0.21%. Understanding how these cities compare with Somerville provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Somerville Tax Rate
0.36%
Average Morgan County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Somerville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35670 | 0.24% | 0.31% | 0.36% | 0.39% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Somerville, Alabama
In Somerville, 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 Morgan 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 Somerville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Somerville is $158,600, with the highest and lowest median tax bills both being $618.
Average Somerville Assessed Value
$158,600
Average Morgan County Assessed Value
$149,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Somerville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35670 | $53,800 | $91,450 | $158,600 | $247,000 | $346,400 |
Source: Ownwell
Property Tax Bills Across Somerville, Alabama
In Somerville, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For homeowners in Somerville, the median home price is $158,600. Property tax rates in this area can vary, but the median tax bill is around $618 annually, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, tax bills in the 25th percentile are approximately $341, while those in the 75th percentile can reach up to $945, and the 90th percentile can go as high as $1,357. These variations illustrate how different factors such as property value and local tax policies can impact what homeowners ultimately pay. Understanding these elements can help homeowners better anticipate their annual property tax obligations.
Average Somerville Tax Bill
$618
Average Morgan County Tax Bill
$697
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Somerville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35670 | $174 | $341 | $618 | $945 | $1,357 |
Source: Ownwell