Lafayette, Alabama Property Taxes
The median property tax rate in Lafayette, AL is 0.43%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Lafayette at $87,400, the typical annual property tax bill reaches $470, significantly below the national median of $2,690. Property taxes in Lafayette 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 Lafayette'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 Lafayette 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
Lafayette, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$376
$349
Ownwell’s Lafayette Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lafayette to provide an estimated property tax bill. This valuable tool helps you comprehend potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Lafayette, Alabama
Property taxes in Lafayette, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lafayette is 0.43%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lafayette set these rates annually, and they can vary across different neighborhoods. Each year, Lafayette 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 Lafayette's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36862 has both the highest and lowest median property tax rate of 0.43%, reflecting a uniform tax rate across the area. Understanding how these cities compare with Lafayette 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 Lafayette Tax Rate
0.43%
Average Chambers County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36862 | 0.25% | 0.36% | 0.43% | 0.85% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette, Alabama
In Lafayette, 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 Lafayette, 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 Lafayette stands at $87,400, with tax bills varying significantly. For instance, the 25th percentile tax bill is around $246, while the 75th percentile reaches $764. The highest median tax bill in the area is $470, found in the 36862 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lafayette Assessed Value
$87,400
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 Lafayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36862 | $25,998 | $51,410 | $87,400 | $161,250 | $275,122 |
Source: Ownwell
Property Tax Bills Across Lafayette, Alabama
In Lafayette, located in Chambers County, AL, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local tax assessor's office. For homeowners in Lafayette, the median home price is $87,400. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. Various factors influence the assessed value, including the home's size, location, and condition. Homeowners in Lafayette can expect property tax bills that vary significantly. For instance, the 25th percentile tax bill is $246, while the 75th percentile reaches $764. The top 90th percentile can see tax bills as high as $1,196. The median tax bill in the highest and lowest zip codes within the county is $470, reflecting a relatively uniform tax landscape. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring the community's well-being and development.
Average Lafayette Tax Bill
$470
Average Chambers County Tax Bill
$448
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36862 | $116 | $246 | $470 | $764 | $1,196 |
Source: Ownwell