Goodwater, Alabama Property Taxes
The median property tax rate in Goodwater, AL is 0.24%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Goodwater at $62,595, the typical annual property tax bill amounts to $142, well below the national median of $2,690. Property taxes in Goodwater 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 Goodwater'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 Goodwater 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
Goodwater, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Goodwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodwater 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 Goodwater, Alabama
Property taxes in Goodwater, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodwater is 0.33%, which is significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Goodwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodwater 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 Goodwater'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 0.66%, while the lowest median tax rate is 0.14%. Understanding how these cities compare with Goodwater provides valuable insights into the varying tax landscape across Coosa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodwater Tax Rate
0.24%
Average Clay County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodwater, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35072 | 0.14% | 0.18% | 0.24% | 0.31% | 0.31% |
Source: Ownwell
Property Tax Assessment Values Across Goodwater, Alabama
In Goodwater, 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 Clay 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 Goodwater, 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 Goodwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Goodwater is 35072, with a median tax bill of $142, which is significantly lower than the national median property tax rate of 0.99%.
Average Goodwater Assessed Value
$62,595
Average Clay County Assessed Value
$72,990
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodwater, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35072 | $20,374 | $35,508 | $62,595 | $106,305 | $171,047 |
Source: Ownwell
Property Tax Bills Across Goodwater, Alabama
In Goodwater, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the market value, which is determined by the local tax assessor. Once the assessed value is established, the applicable property tax rate is applied to calculate the tax bill. For homeowners in Goodwater, the median property tax bill is $142, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property’s location, size, and any applicable exemptions or deductions. For instance, properties within the 25th percentile have tax bills around $79, while those in the 75th percentile face tax bills closer to $264. The highest tax bills, in the 90th percentile, can reach up to $414. These property taxes fund essential community services such as schools, public safety, and infrastructure. Lower property tax bills in Goodwater can make homeownership more affordable, but they also reflect the local government's ability to fund these services.
Average Goodwater Tax Bill
$142
Average Clay County Tax Bill
$201
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodwater, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35072 | $43 | $79 | $142 | $264 | $414 |
Source: Ownwell