Bynum, Alabama Property Taxes
The median property tax rate in Bynum, AL is 0.40%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $141,190 in Bynum, the typical annual property tax bill comes to $567, significantly below the national median of $2,690. Property taxes in Bynum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Bynum'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 Bynum 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
Bynum, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$565
Ownwell’s Bynum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bynum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bynum 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 Bynum, Alabama
Property taxes in Bynum, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bynum is 0.40%, which is significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Bynum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bynum 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 Bynum's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the county is found in ZIP code 36201, with a rate of 0.55%, while the lowest median tax rate is in ZIP code 36207, with a rate of 0.35%. Understanding how these areas compare with Bynum provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bynum Tax Rate
0.40%
Average Calhoun County Tax Rate
0.44%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bynum, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36253 | 0.37% | 0.38% | 0.40% | 0.42% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Bynum, Alabama
In Bynum, 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 Calhoun 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 Bynum, 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 Bynum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 36253, with a median tax bill of $567.
Average Bynum Assessed Value
$141,190
Average Calhoun County Assessed Value
$121,640
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bynum, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36253 | $84,080 | $111,535 | $141,190 | $226,975 | $306,200 |
Source: Ownwell
Property Tax Bills Across Bynum, Alabama
Property tax bills in Bynum, located in Calhoun County, Alabama, are calculated based on the assessed value of a property, which is typically a percentage of the market value. In this region, the median home price stands at $141,190. The local property tax rate is applied to the assessed value to determine the tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Bynum can expect their tax bills to vary. For instance, the 25th percentile tax bill is $469, while the 75th percentile reaches $869, and the 90th percentile is $1205. Comparatively, the national median property tax rate is 0.99%, making Bynum's tax rates relatively moderate. These property taxes fund essential public services such as education, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Bynum Tax Bill
$567
Average Calhoun County Tax Bill
$571
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Bynum, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36253 | $348 | $469 | $567 | $869 | $1,205 |
Source: Ownwell