Mc Kenzie, Covington County, Alabama Property Taxes
The median property tax rate in McKenzie, AL is 0.25%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in McKenzie at $111,470, the typical annual property tax bill is around $273, well below the national median of $2,690. Property taxes in McKenzie 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 McKenzie'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 McKenzie 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
Mc Kenzie, Covington County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$279
$259
Ownwell’s MC KENZIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC KENZIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC KENZIE 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 Mc Kenzie, Covington County, Alabama
Property taxes in Mc Kenzie, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Kenzie stands at 0.25%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Mc Kenzie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Kenzie 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 Mc Kenzie's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Covington County is higher, while some areas may have a lower median tax rate. Understanding how these cities compare with Mc Kenzie provides valuable insights into the varying tax landscape across Covington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Kenzie Tax Rate
0.25%
Average Covington County Tax Rate
0.34%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Kenzie, Covington County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | 0.12% | 0.22% | 0.25% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Mc Kenzie, Covington County, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in McKenzie, Alabama. 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 local 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 McKenzie, 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. For instance, the highest median tax bill in McKenzie is $273, found in the zip code 36456. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mc Kenzie, Covington County, Alabama
Source: Ownwell
$51,890
$149,485
$247,080
Average Mc Kenzie Assessed Value
$111,470
Average Covington County Assessed Value
$114,020
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Kenzie, Covington County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | $25,610 | $55,345 | $111,470 | $163,140 | $237,706 |
Source: Ownwell
Property Tax Bills Across Mc Kenzie, Covington County, Alabama
In McKenzie, Covington County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate. For instance, with a median home price of $111,470, homeowners can expect to pay a property tax bill that varies significantly depending on the assessed value and the specific tax rate applied. Factors such as property location, home improvements, and market conditions play a significant role in determining the assessed value. For example, in McKenzie, the tax bill at the 25th percentile is $156, while at the 75th percentile, it rises to $425. The highest tax bills, at the 90th percentile, reach up to $593. These tax bills impact homeowners by contributing to their annual expenses, making it essential for property owners to understand their assessments and seek exemptions or appeals if necessary. Compared to the national median property tax rate of 0.99%, McKenzie's rates can be relatively moderate, offering some financial relief to its residents.
Average Mc Kenzie Tax Bill
$273
Average Covington County Tax Bill
$408
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Kenzie, Covington County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | $81 | $156 | $273 | $425 | $593 |
Source: Ownwell