Equality, Alabama Property Taxes
The median property tax rate in Equality, AL is 0.33%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Equality at $485,070, the typical annual property tax bill amounts to $1,740, well below the national median of $2,690. Property taxes in Equality are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Equality'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 Equality 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
Equality, 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 Equality Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Equality with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Equality to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those 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 Equality, Alabama
Property taxes in Equality, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Equality is 0.33%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Equality set these rates annually, and they can vary significantly across different neighborhoods. Each year, Equality 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 Equality'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, with a rate of 0.43%, while the lowest median tax rate is in Choctaw County at 0.18%. Understanding how these counties compare with Equality provides valuable insights into the varying tax landscape across Elmore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Equality Tax Rate
0.33%
Average Elmore County Tax Rate
0.32%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Equality, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36026 | 0.22% | 0.30% | 0.33% | 0.44% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Equality, Alabama
In Equality, 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 Elmore 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 Equality, 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. With a median home price of $485,070, the median tax bill can vary significantly. For instance, the 25th percentile tax bill is $1,117, while the 75th percentile tax bill is $2,662, and the 90th percentile tax bill reaches $3,798. The zip code with the highest and lowest median tax bill is 36026, both at $1,740. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Equality Assessed Value
$485,070
Average Elmore County Assessed Value
$185,990
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Equality, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36026 | $175,796 | $367,350 | $485,070 | $642,820 | $797,776 |
Source: Ownwell
Property Tax Bills Across Equality, Alabama
In Equality, located in Elmore County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. Various factors, such as the home's size, location, and condition, influence this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. The median home price in Equality is $485,070. Homeowners in the 25th percentile of tax bills pay around $1,117 annually, while those in the 75th percentile pay approximately $2,662. At the 90th percentile, the tax bill can reach up to $3,798. The highest and lowest median tax bills in the area are both $1,740, indicating a relatively uniform tax burden across different properties. These property taxes fund essential community services such as schools, infrastructure, and public safety, directly impacting homeowners by contributing to the overall quality of life in Equality.
Average Equality Tax Bill
$1,740
Average Elmore County Tax Bill
$602
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Equality, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36026 | $400 | $1,117 | $1,740 | $2,662 | $3,798 |
Source: Ownwell