Montevallo, Alabama Property Taxes
The median property tax rate in Montevallo, AL is 0.42%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With a median home value of $75,100 in Montevallo, the typical annual property tax bill is $414, well below the national median of $2,690. Property taxes in Montevallo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Montevallo'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 Montevallo or another part of Chilton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Montevallo, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$315
Ownwell’s Montevallo Property Tax Bill Calculator assists any homeowner, real estate investor, or prospective buyer in estimating their annual property taxes in Montevallo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montevallo 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 Montevallo, Alabama
Property taxes in Montevallo, Alabama, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Montevallo is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Montevallo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montevallo 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 Montevallo's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35115 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Montevallo provides valuable insights into the varying tax landscape across Chilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Montevallo Tax Rate
0.42%
Average Chilton County Tax Rate
0.45%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montevallo, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35115 | 0.24% | 0.33% | 0.42% | 0.86% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Montevallo, Alabama
In Montevallo, 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 Chilton 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 Montevallo, 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. Montevallo's median home price is $75,100, with tax bills ranging from $189 at the 25th percentile to $1,181 at the 90th percentile. The zip code 35115 has the highest and lowest median tax bill of $414. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montevallo Assessed Value
$75,100
Average Chilton County Assessed Value
$120,400
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Montevallo, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35115 | $31,850 | $44,000 | $75,100 | $163,975 | $244,800 |
Source: Ownwell
Property Tax Bills Across Montevallo, Alabama
In Montevallo, property tax bills are calculated based on the assessed value of a property, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Montevallo, within Chilton County, experience a range of property tax bills. For instance, the 25th percentile tax bill is $189, while the 75th percentile tax bill reaches $777, and the 90th percentile tax bill is $1,181. The median home price in Montevallo stands at $75,100, which is relatively low compared to the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners by affecting their annual expenses and overall budget. Lower tax bills can make homeownership more affordable, whereas higher tax bills can add a financial burden. Understanding how these taxes are calculated helps homeowners plan better for their financial future.
Average Montevallo Tax Bill
$414
Average Chilton County Tax Bill
$562
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Montevallo, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35115 | $92 | $189 | $414 | $777 | $1,181 |
Source: Ownwell