Goodwater, Alabama Property Taxes
The median property tax rate in Goodwater, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $57,950 in Goodwater, the typical annual property tax bill amounts to $201, which is well below the national median of $2,690. Property taxes in Goodwater are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Goodwater'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 Goodwater or another part of Coosa County, gaining insight into 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
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$174
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 0.30%, which is significantly lower than both the Alabama state median 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 found in Shelby County at 0.43%, while the lowest median tax rate is in Crenshaw County at 0.17%. 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
0.30%
Average Coosa County Tax Rate
0.27%
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 | 0.20% | 0.24% | 0.30% | 0.58% | 0.70% |
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 Coosa 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. The median home price here is $57,950, with property tax bills ranging significantly. For instance, the 25th percentile tax bill is $118, while the 75th percentile tax bill is $335. The highest median tax bill is found in zip code 35072, amounting to $201. By understanding 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.
Average Goodwater Assessed Value
$57,950
Average Coosa County Assessed Value
$86,950
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 | $18,770 | $32,500 | $57,950 | $98,675 | $173,950 |
Source: Ownwell
Property Tax Bills Across Goodwater, Alabama
In Goodwater, Coosa 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 Goodwater is $57,950. Property taxes are determined by multiplying the assessed value by the local tax rate. For instance, the median property tax bill in Goodwater is $201.00, which is significantly lower than the national median property tax rate of 0.99%. Factors such as home improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the property tax bill. Homeowners in Goodwater should be aware that their tax bills can vary significantly, with the 25th percentile tax bill at $118 and the 90th percentile at $527. This variability can impact household budgets and long-term financial planning. Understanding these factors can help homeowners anticipate changes in their property tax bills and manage their finances more effectively.
Average Goodwater Tax Bill
$201
Average Coosa County Tax Bill
$282
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 | $71 | $118 | $201 | $335 | $527 |
Source: Ownwell