Fayette, Fayette County, Alabama Property Taxes
The median property tax rate in Fayette, Alabama is 0.35%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Fayette, the typical annual property tax bill is $370, well below the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fayette'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 Fayette or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette, Fayette County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$338
$314
Ownwell’s Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Fayette County, Alabama
Property taxes in Fayette, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 0.35%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Alabama and the national median. Understanding how Fayette compares with other areas provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
0.35%
Average Fayette County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Fayette County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | 0.21% | 0.27% | 0.35% | 0.62% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Fayette County, Alabama
In Fayette, 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 Fayette 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 Fayette, 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 Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fayette is $96,600, with the highest and lowest median tax bills both recorded at $370 in the 35555 zip code.
Property Tax Assessment Values Across Fayette, Fayette County, Alabama
Source: Ownwell
$76,000
$95,775
$115,550
Average Fayette Assessed Value
$96,600
Average Fayette County Assessed Value
$94,200
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Fayette County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $24,950 | $51,600 | $96,600 | $170,050 | $263,420 |
Source: Ownwell
Property Tax Bills Across Fayette, Fayette County, Alabama
In Fayette, AL, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Fayette, the median home price is $96,600, and the property tax rate is relatively low compared to the national median of 0.99%. Factors such as property location, size, and improvements can influence the assessed value, and consequently, the tax bill. Homeowners in Fayette can expect their tax bills to vary significantly, with the 25th percentile tax bill being $187 and the 75th percentile reaching $651. For those at the higher end, the 90th percentile tax bill is $1,045. These variations impact homeowners by affecting their annual financial planning, with lower tax bills providing more disposable income and higher bills requiring more budget allocation.
Average Fayette Tax Bill
$370
Average Fayette County Tax Bill
$330
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Fayette County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $76 | $187 | $370 | $651 | $1,045 |
Source: Ownwell