Cragford, Alabama Property Taxes
The median property tax rate in Cragford, AL is 0.25%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Cragford at $77,500, the typical annual property tax bill is $182, much less than the national median of $2,690. Property taxes in Cragford 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 Cragford'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 Cragford 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
Cragford, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$194
Ownwell’s Cragford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cragford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cragford 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 Cragford, Alabama
Property taxes in Cragford, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cragford is 0.25%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Cragford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cragford 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 Cragford'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 0.66%, while the lowest median tax rate is 0.20%. Understanding how these cities compare with Cragford provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cragford Tax Rate
0.25%
Average Clay County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cragford, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36255 | 0.14% | 0.19% | 0.25% | 0.31% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Cragford, Alabama
In Cragford, 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 Cragford, 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. The median home price in Cragford stands at $77,500, with tax bills ranging from $102 at the 25th percentile to $536 at the 90th percentile. Interestingly, the highest and lowest median tax bills are both recorded at $182 in the zip code 36255. 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 Cragford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cragford Assessed Value
$77,500
Average Clay County Assessed Value
$72,990
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cragford, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36255 | $26,050 | $43,795 | $77,500 | $129,160 | $220,000 |
Source: Ownwell
Property Tax Bills Across Cragford, Alabama
Property tax bills in Cragford, located in Clay County, Alabama, are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is typically a percentage of the market value of the property. For example, with a median home price of $77,500, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $102, while those at the 75th percentile could see bills up to $310. At the 90th percentile, tax bills can reach as high as $536. These tax bills are influenced by several factors, including the assessed value of the property, the local tax rate, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Cragford's property tax rates are relatively moderate, providing some relief for homeowners. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Cragford Tax Bill
$182
Average Clay County Tax Bill
$201
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Cragford, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36255 | $66 | $102 | $182 | $310 | $536 |
Source: Ownwell