Elkmont, Alabama Property Taxes
The median property tax rate in Elkmont, AL is 0.36%, notably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $153,100 in Elkmont, the typical annual property tax bill amounts to $565, significantly below the national median of $2,690. Property taxes in Elkmont 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 Elkmont'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 Elkmont 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
Elkmont, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Elkmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkmont 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 Elkmont, Alabama
Property taxes in Elkmont, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkmont is 0.33%, which is significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Elkmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkmont 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 Elkmont'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 Shelby County at 0.53%, while the lowest median tax rate is in Crenshaw County at 0.16%. Understanding how these counties compare with Elkmont provides valuable insights into the varying tax landscape across Limestone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkmont Tax Rate
0.36%
Average Limestone County Tax Rate
0.42%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkmont, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35620 | 0.18% | 0.31% | 0.36% | 0.46% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Elkmont, Alabama
In Elkmont, 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 Limestone 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 Elkmont, 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. The median home price in Elkmont is $153,100, with tax bills ranging from $336 at the 25th percentile to $1,274 at the 90th percentile. The highest and lowest median tax bills are both $565, found in the 35620 zip code. Being aware of these valuation processes in Elkmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elkmont Assessed Value
$153,100
Average Limestone County Assessed Value
$202,600
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkmont, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35620 | $42,810 | $95,425 | $153,100 | $225,475 | $330,480 |
Source: Ownwell
Property Tax Bills Across Elkmont, Alabama
In Elkmont, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For homeowners in Elkmont, Limestone County, the assessed value is typically determined by local tax assessors who evaluate the property’s market value and apply the appropriate assessment ratio. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and condition. In Elkmont, the median home price is $153,100, and the median property tax bill is $565. Homeowners in the 25th percentile pay around $336, while those in the 75th percentile pay approximately $866. At the 90th percentile, tax bills can reach up to $1,274. These figures are relatively low compared to the national median property tax rate of 0.99%, making Elkmont an appealing option for homeowners looking for lower property taxes. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances effectively.
Average Elkmont Tax Bill
$565
Average Limestone County Tax Bill
$871
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkmont, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35620 | $106 | $336 | $565 | $866 | $1,274 |
Source: Ownwell