Albany, Georgia Property Taxes
The median property tax rate in Albany, GA is 1.24%, which is higher than both the national median of 0.99% and the Georgia state median of 1.08%. With the median home value in Albany at $127,986, the typical annual property tax bill reaches $1,550, still below the national median of $2,690. Property taxes in Albany are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,587
$1,541
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Georgia
Property taxes in Albany, Georgia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.24%, which is significantly higher than both the Georgia state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Georgia and the national median. For comparison, the 31721 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these areas compare with Albany provides valuable insights into the varying tax landscape across Terrell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.24%
Average Terrell County Tax Rate
1.24%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31721 | 1.06% | 1.18% | 1.24% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Georgia
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Albany, Georgia. 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 Terrell 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 Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Albany, the median home price is $127,986, and the median tax bill for the 25th percentile is $1,213, while for the 75th percentile, it is $1,799. The highest and lowest median tax bills are both in the 31721 zip code, each at $1,550.
Average Albany Assessed Value
$127,986
Average Terrell County Assessed Value
$67,472
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31721 | $82,388 | $102,278 | $127,986 | $146,981 | $193,026 |
Source: Ownwell
Property Tax Bills Across Albany, Georgia
Property tax bills in Albany, Terrell County, GA, are determined by assessing the market value of a property and applying the local tax rate. The median home price in Albany stands at $127,986. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $1,213 and the 75th percentile tax bill reaching $1,799. For those in the 90th percentile, tax bills can go up to $2,361. Several factors influence these tax bills, including the property's assessed value, any applicable exemptions, and the local tax rate. In Albany, the highest median tax bill recorded is $1,550 in the 31721 zip code, which is relatively moderate compared to the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate and manage their annual property tax obligations.
Average Albany Tax Bill
$1,550
Average Terrell County Tax Bill
$779
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31721 | $949 | $1,213 | $1,550 | $1,799 | $2,361 |
Source: Ownwell