Midway, Alabama Property Taxes
The median property tax rate in Midway, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Midway at $69,800, the typical annual property tax bill is $261, well below the national median of $2,690. Property taxes in Midway 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 Midway'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 Midway 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
Midway, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$209
$194
Ownwell’s Midway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway 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 Midway, Alabama
Property taxes in Midway, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.30%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway'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 0.16%. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Barbour County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.30%
Average Barbour County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36053 | 0.19% | 0.22% | 0.30% | 0.59% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Midway, 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 Barbour 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 Midway, 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 Midway is $69,800, with tax bills ranging from $132 at the 25th percentile to $876 at the 90th percentile. The highest and lowest median tax bills are both $261, found in zip code 36053. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness also helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midway Assessed Value
$69,800
Average Barbour County Assessed Value
$82,600
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36053 | $20,700 | $44,700 | $69,800 | $159,900 | $280,920 |
Source: Ownwell
Property Tax Bills Across Midway, Alabama
In Midway, Barbour County, AL, property tax bills are calculated based on the assessed value of the home, which is determined by a percentage of the market value. The median home price in Midway is $69,800. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Factors such as property size, location, and any applicable exemptions can influence the final amount. For homeowners in Midway, the 25th percentile tax bill is $132, while the 75th percentile tax bill is $470. Those in the 90th percentile can expect a tax bill of $876. Compared to the national median property tax rate of 0.99%, Midway’s property tax bills are relatively low, offering some financial relief to homeowners. This lower tax burden can make homeownership more affordable and appealing in this region, contributing positively to the local housing market and economy.
Average Midway Tax Bill
$261
Average Barbour County Tax Bill
$360
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36053 | $86 | $132 | $261 | $470 | $876 |
Source: Ownwell