Millry, Alabama Property Taxes
The median property tax rate in Millry, AL is 0.27%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $61,785 in Millry, the typical annual property tax bill amounts to $156, which is well below the national median of $2,690. Property taxes in Millry are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Millry's property tax system, exploring available exemptions, and identifying potential reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in Millry or another part of Choctaw County, gaining insights into the local property tax system will provide significant financial benefits.
Last Updated June 14, 2024
Millry, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.27%
Estimate Property Tax Bill
$167
Ownwell’s Millry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millry 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 Millry, Alabama
Property taxes in Millry, Alabama, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Millry is 0.27%, which is significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Millry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millry 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 Millry's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is 0.43%, while the lowest median tax rate is 0.17%. Understanding how these cities compare with Millry provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Millry Tax Rate
0.27%
Average Choctaw County Tax Rate
0.29%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | 0.14% | 0.22% | 0.27% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Millry, Alabama
In Millry, 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 Choctaw 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 Millry, 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 Millry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Choctaw County stand at $156, both in zip code 36558.
Average Millry Assessed Value
$61,785
Average Choctaw County Assessed Value
$48,430
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | $21,510 | $33,248 | $61,785 | $99,760 | $151,875 |
Source: Ownwell
Property Tax Bills Across Millry, Alabama
In Millry, located in Choctaw 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 Millry is $61,785. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect a tax bill of around $77, while those in the 75th percentile may see a bill closer to $293. At the 90th percentile, the tax bill can reach up to $412. These figures highlight the range of tax obligations homeowners may face based on their property’s assessed value. Factors such as property location, improvements, and exemptions can influence the final tax bill. Compared to the national median property tax rate of 0.99%, Millry's property tax rates are relatively modest, providing some financial relief to homeowners. This lower tax burden can make homeownership more affordable and appealing in this region.
Average Millry Tax Bill
$156
Average Choctaw County Tax Bill
$120
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | $42 | $77 | $156 | $293 | $412 |
Source: Ownwell