Falkville, Alabama Property Taxes
The median property tax rate in Falkville, AL is 0.36%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Falkville, the typical annual property tax bill reaches $492, well below the national median of $2,690. Property taxes in Falkville 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 Falkville'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 Falkville 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
Falkville, 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 Falkville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falkville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falkville 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 Falkville, Alabama
Property taxes in Falkville, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falkville is 0.36%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Falkville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falkville 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 Falkville'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 0.33%. Understanding how these cities compare with Falkville provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falkville Tax Rate
0.36%
Average Morgan County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falkville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35622 | 0.24% | 0.31% | 0.36% | 0.42% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Falkville, Alabama
In Falkville, 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 Morgan 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 Falkville, 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 Falkville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Falkville is $112,850, with tax bills ranging from $278 at the 25th percentile to $1,169 at the 90th percentile. The highest and lowest median tax bills are both recorded at $492 in the 35622 zip code.
Average Falkville Assessed Value
$112,850
Average Morgan County Assessed Value
$149,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falkville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35622 | $41,810 | $68,175 | $112,850 | $193,100 | $290,400 |
Source: Ownwell
Property Tax Bills Across Falkville, Alabama
In Falkville, Morgan County, AL, property tax bills are calculated using the assessed value of a home, which is a percentage of its market value. The median home price in Falkville is $112,850, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final amount, including the property's location, improvements, and any applicable exemptions. Homeowners in Falkville can expect property tax bills to vary significantly. At the 25th percentile, tax bills are around $278, while those in the 75th percentile can reach up to $795. For the top 10% of properties, tax bills can escalate to $1,169. Despite these variations, the highest and lowest median tax bill in the area remains consistent at $492.00, which is considerably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Falkville residents.
Average Falkville Tax Bill
$492
Average Morgan County Tax Bill
$697
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Falkville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35622 | $141 | $278 | $492 | $795 | $1,169 |
Source: Ownwell