Banks, Alabama Property Taxes
The median property tax rate in Banks, Alabama is 0.44%, which is notably lower than both the national median of 0.99% and Alabama's state median of 0.47%. With a median home value of $71,560 in Banks, the typical annual property tax bill amounts to $362, significantly under the national median of $2,690. Property taxes in Banks are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve considerable annual savings. Whether you're residing in the heart of Banks or elsewhere in the city, gaining insight into the local property tax system is crucial for financial planning and investment strategies.
Last Updated June 14, 2024
Banks, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$315
$292
Ownwell’s Banks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Banks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Banks 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 Banks, Alabama
Property taxes in Banks, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banks is 0.44%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banks 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 Banks' effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36005 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with Banks provides valuable insights into the varying tax landscape across Bullock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Banks Tax Rate
0.44%
Average Bullock County Tax Rate
0.49%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banks, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | 0.24% | 0.34% | 0.44% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Banks, Alabama
In Banks, 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 Bullock 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 Banks, 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 Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Banks is $71,560, with tax bills ranging from $198 at the 25th percentile to $1,134 at the 90th percentile. The zip code 36005 has both the highest and lowest median tax bill at $362.
Average Banks Assessed Value
$71,560
Average Bullock County Assessed Value
$52,910
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Banks, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | $25,401 | $43,550 | $71,560 | $143,265 | $245,843 |
Source: Ownwell
Property Tax Bills Across Banks, Alabama
In Banks, situated in Bullock County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $71,560, homeowners can expect varying tax bills. The 25th percentile tax bill is around $198, while the 75th percentile reaches up to $677, and the 90th percentile can go as high as $1,134. Factors such as property location, home improvements, and market fluctuations influence these values. Comparatively, the highest and lowest median tax bills in the area are both $362, indicating a consistent tax rate within the zip code 36005. With the national median property tax rate at 0.99%, Banks homeowners experience a relatively moderate tax burden. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Banks Tax Bill
$362
Average Bullock County Tax Bill
$289
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Banks, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | $110 | $198 | $362 | $677 | $1,134 |
Source: Ownwell