Five Points, Alabama Property Taxes
The median property tax rate in Five Points, AL is 0.40%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Five Points at $95,905, the typical annual property tax bill reaches $427, significantly below the national median of $2,690. Property taxes in Five Points are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Five Points' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Five Points 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
Five Points, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$384
$356
Ownwell’s Five Points Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Five Points with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Five Points to provide an estimate of your property tax bill. This valuable tool offers insights into potential tax liabilities. For those interested in exploring trends on a more localized level, further information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Five Points, Alabama
Property taxes in Five Points, Alabama, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Five Points is 0.33%, significantly lower than both the Alabama state median of 0.41% and the U.S. national median of 0.99%. Local government entities within Five Points set these rates annually, and they can vary significantly across different neighborhoods. Each year, Five Points 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 Five Points' effective property tax rate to other counties in Alabama and the national median. For comparison, 35203 has the highest median property tax rate of 0.87%, while 36852 has the lowest median tax rate of 0.29%. Understanding how these cities compare with Five Points provides valuable insights into the varying tax landscape across Chambers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Five Points Tax Rate
0.40%
Average Chambers County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Five Points, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36855 | 0.26% | 0.33% | 0.40% | 0.82% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Five Points, Alabama
In Five Points, 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 Chambers 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 Five Points, 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. For instance, the median home price in Five Points is $95,905, with tax bills ranging from $225 at the 25th percentile to $1,215 at the 90th percentile. The highest median tax bill is $427 in the 36855 zip code. 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 Five Points helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Five Points Assessed Value
$95,905
Average Chambers County Assessed Value
$84,510
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Five Points, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36855 | $26,580 | $53,838 | $95,905 | $167,032 | $261,415 |
Source: Ownwell
Property Tax Bills Across Five Points, Alabama
In Five Points, located in Chambers County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $95,905, homeowners can expect their tax bills to vary significantly. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Five Points typically see tax bills ranging from $225 at the 25th percentile to $750 at the 75th percentile, with the 90th percentile reaching up to $1,215. The highest median tax bill in the area is $427.00, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their property tax obligations and budget accordingly.
Average Five Points Tax Bill
$427
Average Chambers County Tax Bill
$448
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Five Points, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36855 | $113 | $225 | $427 | $750 | $1,215 |
Source: Ownwell