Vance, Alabama Property Taxes
The median property tax rate in Vance, AL is 0.32%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Vance at $146,900, the typical annual property tax bill is $474, well below the national median of $2,690. Property taxes in Vance are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vance'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 Vance 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
Vance, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$470
Ownwell’s Vance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vance 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 Vance, Alabama
Property taxes in Vance, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vance is 0.32%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Vance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vance 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 Vance's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the region is in ZIP code 35401 at 0.42%, while the lowest median tax rate is in ZIP code 35406 at 0.29%. Understanding how these cities compare with Vance provides valuable insights into the varying tax landscape across Tuscaloosa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vance Tax Rate
0.32%
Average Tuscaloosa County Tax Rate
0.46%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | 0.18% | 0.24% | 0.32% | 0.53% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Vance, Alabama
In Vance, 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 Tuscaloosa 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 Vance, 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 Vance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $474.00, found in the 35490 zip code.
Average Vance Assessed Value
$146,900
Average Tuscaloosa County Assessed Value
$160,600
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | $40,460 | $86,150 | $146,900 | $200,400 | $270,080 |
Source: Ownwell
Property Tax Bills Across Vance, Alabama
In Vance, located in Tuscaloosa County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $146,900, the assessed value is determined, and then the local tax rate is applied to this figure. Property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the home's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Vance may see a tax bill as low as $262 at the 25th percentile and up to $1,075 at the 90th percentile. The highest and lowest median tax bills in the area are both $474, highlighting a narrower range of property tax bills compared to other regions. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety, making it essential for homeowners to understand their tax liabilities.
Average Vance Tax Bill
$474
Average Tuscaloosa County Tax Bill
$736
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | $99 | $262 | $474 | $769 | $1,075 |
Source: Ownwell