Mckenzie, Alabama Property Taxes
The median property tax rate in McKenzie, AL is 0.54%, slightly higher than the Alabama state median of 0.47% but still below the national median of 0.99%. With the median home value in McKenzie at $32,360, the typical annual property tax bill is $175, which is significantly lower than the national median of $2,690. Property taxes in McKenzie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. 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 Covington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mckenzie, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$175
$162
Ownwell’s MCKENZIE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MCKENZIE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MCKENZIE 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 Mckenzie, Alabama
Property taxes in McKenzie, Alabama, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in McKenzie is 0.54%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within McKenzie set these rates annually, and they can vary significantly across different neighborhoods. Each year, McKenzie 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 McKenzie's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest and lowest median property tax rates in Covington County, where McKenzie is located, are both 0.54%. Understanding how these cities compare with McKenzie 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 Mckenzie Tax Rate
0.54%
Average Covington County Tax Rate
0.34%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mckenzie, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Mckenzie, Alabama
In McKenzie, 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 Covington 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 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in McKenzie are both $175, found in the 36456 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mckenzie Assessed Value
$32,360
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 Mckenzie, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | $32,360 | $32,360 | $32,360 | $32,360 | $32,360 |
Source: Ownwell
Property Tax Bills Across Mckenzie, Alabama
In McKenzie, Covington County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in McKenzie, the median home price is $32,360. The property tax bills in this area are quite consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $175. This uniformity suggests a relatively stable tax environment for residents. Comparatively, the national median property tax rate stands at 0.99%, indicating that McKenzie's property tax bills are modest. This low tax burden can make homeownership more affordable, allowing residents to allocate more of their income towards other expenses or investments.
Average Mckenzie Tax Bill
$175
Average Covington County Tax Bill
$408
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Mckenzie, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36456 | $175 | $175 | $175 | $175 | $175 |
Source: Ownwell