Sweet Water, Alabama Property Taxes
The median property tax rate in Sweet Water, AL is 0.35%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Sweet Water, the typical annual property tax bill amounts to $251, which is far below the national median of $2,690. Property taxes in Sweet Water are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sweet Water'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 Sweet Water 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
Sweet Water, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$265
Ownwell’s Sweet Water Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sweet Water with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sweet Water 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 Sweet Water, Alabama
Property taxes in Sweet Water, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sweet Water is 0.33%, lower than both the Alabama state median of 0.41% and the U.S. national median of 0.99%. Local government entities within Sweet Water set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sweet Water 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 Sweet Water's effective property tax rate to other counties in Alabama and the national median. For comparison, Jefferson County has the highest median property tax rate of 0.66%, while Crenshaw County has the lowest median tax rate of 0.31%. Understanding how these cities compare with Sweet Water provides valuable insights into the varying tax landscape across Marengo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sweet Water Tax Rate
0.35%
Average Marengo County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sweet Water, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36782 | 0.19% | 0.26% | 0.35% | 0.36% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Sweet Water, Alabama
In Sweet Water, 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 Marengo 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 Sweet Water, 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 Sweet Water helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 36782 has the highest and lowest median tax bill, both at $251.
Average Sweet Water Assessed Value
$75,760
Average Marengo County Assessed Value
$83,940
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sweet Water, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36782 | $20,160 | $37,300 | $75,760 | $143,660 | $223,220 |
Source: Ownwell
Property Tax Bills Across Sweet Water, Alabama
In Sweet Water, Marengo County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $75,760, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. The tax bill can range significantly, with the 25th percentile at $117 and the 75th percentile at $468, reflecting differences in property values and exemptions. At the 90th percentile, the tax bill can reach up to $742. These variations highlight how factors like property size, location, and improvements influence the assessed value. Compared to the national median property tax rate of 0.99%, Sweet Water’s tax rate is relatively favorable for homeowners, providing a more affordable living situation. This lower tax burden can make homeownership more accessible and financially manageable for residents in the area.
Average Sweet Water Tax Bill
$251
Average Marengo County Tax Bill
$351
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Sweet Water, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36782 | $50 | $117 | $251 | $468 | $742 |
Source: Ownwell