Lynn, Alabama Property Taxes
The median property tax rate in Lynn, Alabama is 0.29%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $73,970 in Lynn, the typical annual property tax bill is $220, well below the national median of $2,690. Property taxes in Lynn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Lynn'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 Lynn 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
Lynn, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$215
Ownwell’s Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn 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 Lynn, Alabama
Property taxes in Lynn, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn is 0.29%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn 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 Lynn'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 found in Jefferson County at 0.66%, while the lowest median tax rate is in Choctaw County at 0.16%. Understanding how these counties compare with Lynn provides valuable insights into the varying tax landscape across Winston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynn Tax Rate
0.29%
Average Winston County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynn, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35575 | 0.20% | 0.24% | 0.29% | 0.51% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lynn, Alabama
In Lynn, 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 Winston 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 Lynn, 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 Lynn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lynn, both at $220.00, are found in the 35575 zip code.
Average Lynn Assessed Value
$73,970
Average Winston County Assessed Value
$114,100
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynn, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35575 | $16,370 | $37,995 | $73,970 | $132,620 | $192,780 |
Source: Ownwell
Property Tax Bills Across Lynn, Alabama
In Lynn, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. For homeowners in Lynn, the median home price is $73,970. The property tax rate in this area is used to calculate the annual tax bill, which can vary significantly. For example, homeowners in the 25th percentile pay around $106 annually, while those in the 75th percentile pay approximately $378. At the 90th percentile, the tax bill can be as high as $699. These figures highlight the variance in property tax bills based on property values and assessment practices. Compared to the national median property tax rate of 0.99%, the rates in Lynn provide a relatively affordable option for homeowners. Understanding these factors can help residents anticipate their annual property tax obligations and budget accordingly.
Average Lynn Tax Bill
$220
Average Winston County Tax Bill
$384
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynn, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35575 | $45 | $106 | $220 | $378 | $699 |
Source: Ownwell