Hope Hull, Alabama Property Taxes
The median property tax rate in Hope Hull, Alabama is 0.39%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Hope Hull at $167,000, the typical annual property tax bill is $731, well below the national median of $2,690. Property taxes in Hope Hull are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hope Hull'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 Hope Hull or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope Hull, 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 Hope Hull Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope Hull with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope Hull 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 Montgomery County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hope Hull, Alabama
Property taxes in Hope Hull, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope Hull is 0.31%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Hope Hull set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope Hull 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 Hope Hull'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 0.63%, while the lowest median tax rate is 0.16%. Understanding how these cities compare with Hope Hull provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hope Hull Tax Rate
0.39%
Average Montgomery County Tax Rate
0.48%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hope Hull, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36043 | 0.27% | 0.35% | 0.39% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Hope Hull, Alabama
In Hope Hull, 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 Montgomery 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 Hope Hull, 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 Hope Hull is $167,000, with tax bills ranging from $274 at the 25th percentile to $1,728 at the 90th percentile. The highest and lowest median tax bills are both $731 in the 36043 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hope Hull Assessed Value
$167,000
Average Montgomery County Assessed Value
$131,500
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hope Hull, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36043 | $27,900 | $62,750 | $167,000 | $277,800 | $416,900 |
Source: Ownwell
Property Tax Bills Across Hope Hull, Alabama
In Hope Hull, located in Montgomery County, AL, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. The median home price in Hope Hull is $167,000, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $274, while the 75th percentile tax bill reaches up to $1,128. The highest median tax bill recorded in the area is $731, which is considerably lower than the national median property tax rate of 0.99%. These variations in tax bills can impact homeowners differently, depending on the value of their property and the specific tax rate applied. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Hope Hull Tax Bill
$731
Average Montgomery County Tax Bill
$782
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope Hull, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36043 | $101 | $274 | $731 | $1,128 | $1,728 |
Source: Ownwell