Midway, Alabama Property Taxes
The median property tax rate in Midway, AL is 0.53%, slightly higher than the state median of 0.47% but lower than the national median of 0.99%. With the median home value in Midway at $46,120, the typical annual property tax bill is $245, significantly 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 primary residence and agricultural exemptions. Understanding Midway'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 Midway or another part of Bullock County, 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
0.53%
Estimate Property Tax Bill
$244
$227
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.53%, significantly lower than 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 36053 zip code has the highest median property tax rate of 0.53%, while the 36053 zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Midway 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 Midway Tax Rate
0.53%
Average Bullock County Tax Rate
0.49%
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 | 0.30% | 0.39% | 0.53% | 0.93% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Alabama
In Midway, 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 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. 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 Midway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 36053, with a median tax bill of $245. Similarly, the zip code with the lowest median tax bill is also 36053, with the same median tax bill of $245.
Average Midway Assessed Value
$46,120
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 Midway, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36053 | $7,612 | $24,640 | $46,120 | $69,960 | $131,664 |
Source: Ownwell
Property Tax Bills Across Midway, Alabama
In Midway, Bullock County, AL, property tax bills are determined by assessing the market value of a property and then applying the local tax rate to this assessed value. The median home price in Midway is $46,120, and the property tax rate is applied to this value to calculate the annual tax bill. Factors such as property size, location, and any applicable exemptions influence the final tax amount. For homeowners in Midway, property tax bills can vary significantly. The 25th percentile of tax bills is around $112, while the 75th percentile is $434, and the 90th percentile reaches up to $659. Compared to the national median property tax rate of 0.99%, Midway's property taxes are relatively modest, providing some financial relief to homeowners. However, understanding these variations is crucial for budgeting and financial planning. The highest and lowest median tax bills in the area are both $245, indicating a narrow range within specific zip codes, such as 36053.
Average Midway Tax Bill
$245
Average Bullock County Tax Bill
$289
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 | $53 | $112 | $245 | $434 | $659 |
Source: Ownwell