Lower Peach Tree, Alabama Property Taxes
The median property tax rate in Lower Peach Tree, AL is 0.31%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Lower Peach Tree at $45,635, the typical annual property tax bill is $164, well below the national median of $2,690. Property taxes in Lower Peach Tree are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lower Peach Tree'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 Lower Peach Tree 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
Lower Peach Tree, 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 LOWER PEACH TREE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOWER PEACH TREE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOWER PEACH TREE 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 Lower Peach Tree, Alabama
Property taxes in Lower Peach Tree, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lower Peach Tree is 0.31%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Lower Peach Tree set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lower Peach Tree 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 Lower Peach Tree's effective property tax rate to other counties in Alabama and the national median. Understanding how these cities compare with Lower Peach Tree provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lower Peach Tree Tax Rate
0.31%
Average Monroe County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lower Peach Tree, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36751 | 0.10% | 0.16% | 0.31% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Lower Peach Tree, Alabama
In LOWER PEACH TREE, 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 Monroe 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 LOWER PEACH TREE, 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 LOWER PEACH TREE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in LOWER PEACH TREE is $45,635, with tax bills ranging from $59 at the 25th percentile to $414 at the 90th percentile. The highest and lowest median tax bills are both $164 in the 36751 zip code.
Property Tax Assessment Values Across Lower Peach Tree, Alabama
Source: Ownwell
$45,635
$150,613
$255,590
Average Lower Peach Tree Assessed Value
$45,635
Average Monroe County Assessed Value
$87,150
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lower Peach Tree, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36751 | $18,880 | $28,722 | $45,635 | $73,345 | $140,225 |
Source: Ownwell
Property Tax Bills Across Lower Peach Tree, Alabama
Property tax bills in Lower Peach Tree, located in Monroe County, Alabama, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In this region, the median home price stands at $45,635. The tax rate is applied to the assessed value to determine the annual tax bill. For homeowners in Lower Peach Tree, the tax bill can vary significantly. The 25th percentile tax bill is around $59, while the 75th percentile reaches $279. At the 90th percentile, homeowners might see a tax bill as high as $414. Compared to the national median property tax rate of 0.99%, Lower Peach Tree offers relatively affordable property taxes. However, these taxes still play a crucial role in funding local services such as schools, infrastructure, and emergency services. For homeowners, understanding how their property tax bill is determined and how it compares to other areas can help in financial planning and property investment decisions.
Average Lower Peach Tree Tax Bill
$164
Average Monroe County Tax Bill
$316
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Lower Peach Tree, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36751 | $25 | $59 | $164 | $279 | $414 |
Source: Ownwell