Lanett, Alabama Property Taxes
The median property tax rate in Lanett, Alabama, is 0.52%, slightly above the state median of 0.47% but below the national median of 0.99%. With a median home value of $80,490 in Lanett, the typical annual property tax bill amounts to $470, which is significantly lower than the national median of $2,690. Property taxes in Lanett are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lanett's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lanett or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lanett, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$419
$388
Ownwell’s Lanett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lanett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lanett 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 Lanett, Alabama
Property taxes in Lanett, Alabama, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lanett is 0.52%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lanett set these rates annually, and they can vary across different neighborhoods. Each year, Lanett 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 Lanett's effective property tax rate to the national median. For comparison, the highest and lowest median property tax rates in Chambers County are both 0.52%, reflecting a consistent tax landscape within the county. Understanding how these cities compare with Lanett 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 Lanett Tax Rate
0.52%
Average Chambers County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lanett, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36863 | 0.32% | 0.38% | 0.52% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Lanett, Alabama
In Lanett, 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. 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 Lanett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 36863 has both the highest and lowest median tax bill, valued at $470.
Average Lanett Assessed Value
$80,490
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 Lanett, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36863 | $25,571 | $45,532 | $80,490 | $138,272 | $222,923 |
Source: Ownwell
Property Tax Bills Across Lanett, Alabama
In Lanett, Chambers County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lanett is $80,490. Property taxes are determined by multiplying the assessed value by the local tax rate and any applicable exemptions. The national median property tax rate is 0.99%, but local rates may vary. For homeowners in Lanett, tax bills can significantly impact their finances. For instance, the 25th percentile tax bill is around $264, while the 75th percentile reaches $775, and the 90th percentile can go up to $1,207. These figures indicate that property taxes can vary widely depending on the home's assessed value and applicable exemptions. Homeowners in the highest median tax bill area, with a median tax bill of $470 in the 36863 zip code, may see different financial impacts compared to those in other regions. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Lanett 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 Lanett, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36863 | $111 | $264 | $470 | $775 | $1,207 |
Source: Ownwell