Thorsby, Alabama Property Taxes
The median property tax rate in Thorsby, AL is 0.45%, which is lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $137,400 in Thorsby, the typical annual property tax bill amounts to $635, significantly below the national median of $2,690. Property taxes in Thorsby are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Thorsby'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 Thorsby 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
Thorsby, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$618
Ownwell’s Thorsby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorsby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorsby 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 Thorsby, Alabama
Property taxes in Thorsby, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorsby is 0.45%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Thorsby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorsby 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 Thorsby's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 35171 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these areas compare with Thorsby provides valuable insights into the varying tax landscape across Chilton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thorsby Tax Rate
0.45%
Average Chilton County Tax Rate
0.45%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorsby, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35171 | 0.17% | 0.38% | 0.45% | 0.55% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Thorsby, Alabama
In Thorsby, 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 Chilton 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 Thorsby, 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 Thorsby is $137,400, with property tax bills ranging from $352 at the 25th percentile to $985 at the 75th percentile, and up to $1,375 at the 90th percentile. The zip code 35171 has the highest and lowest median tax bill at $635. 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 Thorsby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thorsby Assessed Value
$137,400
Average Chilton County Assessed Value
$120,400
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thorsby, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35171 | $55,900 | $86,500 | $137,400 | $201,800 | $264,180 |
Source: Ownwell
Property Tax Bills Across Thorsby, Alabama
In Thorsby, located in Chilton County, AL, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. The median home price in Thorsby is $137,400, and the property tax rate is applied to this assessed value to determine the annual tax bill. The tax rate in Thorsby is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in Thorsby range significantly, with the 25th percentile at $352 and the 90th percentile reaching up to $1,375. This variation reflects differences in property values and potential exemptions that homeowners may qualify for. These tax bills impact homeowners by contributing to their overall cost of living. Lower property tax rates can make homeownership more affordable, while higher rates can add a financial burden. Understanding these factors helps homeowners plan their finances better and anticipate annual expenses.
Average Thorsby Tax Bill
$635
Average Chilton County Tax Bill
$562
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorsby, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35171 | $88 | $352 | $635 | $985 | $1,375 |
Source: Ownwell