River Falls, Alabama Property Taxes
The median property tax rate in River Falls, Alabama is 0.64%, which is higher than the state median of 0.47% but lower than the national median of 0.99%. With a median home value of $94,580 in River Falls, the typical annual property tax bill amounts to $327, significantly below the national median of $2,690. Property taxes here 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. Understanding River Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of River Falls 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
River Falls, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$605
Ownwell’s RIVER FALLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RIVER FALLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RIVER FALLS 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 River Falls, Alabama
Property taxes in River Falls, Alabama, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in River Falls is 0.64%, lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within River Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, River Falls 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 River Falls' effective property tax rate to other counties in Alabama and the national median. For comparison, the 36476 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with River Falls 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 River Falls Tax Rate
0.64%
Average Covington County Tax Rate
0.34%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across River Falls, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36476 | 0.26% | 0.27% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across River Falls, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in River Falls, 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 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 River Falls, 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 River Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 36476, with a median tax bill of $327.
Average River Falls Assessed Value
$94,580
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 River Falls, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36476 | $56,302 | $71,470 | $94,580 | $126,550 | $183,772 |
Source: Ownwell
Property Tax Bills Across River Falls, Alabama
In River Falls, located in Covington County, AL, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the local tax assessor. Factors such as the property's size, location, and any improvements made can influence its assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $94,580, homeowners in River Falls can expect varying tax bills. At the 25th percentile, the tax bill is around $289, while at the 75th percentile, it rises to $505. The highest tax bills, at the 90th percentile, can reach up to $786. These figures demonstrate how property taxes can vary significantly based on the assessed value and the specific characteristics of each property. Although the national median property tax rate is 0.99%, local rates and assessed values can lead to different tax obligations for homeowners, impacting their overall financial planning.
Average River Falls Tax Bill
$327
Average Covington County Tax Bill
$408
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across River Falls, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36476 | $250 | $289 | $327 | $505 | $786 |
Source: Ownwell