Panola, Alabama Property Taxes
The median property tax rate in Panola, Alabama is 0.33%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Panola at $52,720, the typical annual property tax bill is $102, far below the national median of $2,690. Property taxes in Panola 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 Panola'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 Panola 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
Panola, 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 PANOLA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PANOLA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PANOLA 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 Panola, Alabama
Property taxes in Panola, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Panola is 0.33%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Panola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panola 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 Panola's effective property tax rate to other counties in Alabama and the national median. Understanding how these cities compare with Panola provides valuable insights into the varying tax landscape across Sumter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panola Tax Rate
0.33%
Average Sumter County Tax Rate
0.37%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panola, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35470 | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
| 35477 | 0.17% | 0.25% | 0.33% | 0.37% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Panola, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Panola, Alabama. 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 Sumter 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 Panola, 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. For example, the median home price in Panola is $52,720, with the 25th percentile tax bill at $60 and the 75th percentile tax bill at $267. The highest median tax bill in the area is $294, found in the 35470 zip code, which also has the lowest median tax bill at $294. 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 their tax burden.
Average Panola Assessed Value
$52,720
Average Sumter County Assessed Value
$62,300
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panola, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35470 | $89,140 | $89,140 | $89,140 | $89,140 | $89,140 |
| 35477 | $9,900 | $21,400 | $52,260 | $87,698 | $106,875 |
Source: Ownwell
Property Tax Bills Across Panola, Alabama
In Panola, Alabama, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The county determines the assessed value and applies the local tax rate to compute the annual tax bill. Factors such as the home's location, size, and condition can influence its market value, and subsequently, its assessed value. For homeowners in Panola, the median home price is $52,720. The tax bills can vary significantly, with the 25th percentile at $60 and the 75th percentile reaching $267. At the 90th percentile, tax bills can go up to $333. Compared to the national median property tax rate of 0.99%, Panola's property taxes are relatively modest, providing some financial relief to homeowners. This lower tax burden can make homeownership more affordable, but it's crucial for homeowners to stay informed about their property's assessed value and any changes in local tax rates that might affect their annual tax bill.
Average Panola Tax Bill
$102
Average Sumter County Tax Bill
$245
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Panola, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35470 | $294 | $294 | $294 | $294 | $294 |
| 35477 | $25 | $58 | $89 | $243 | $334 |
Source: Ownwell