Kennedy, Alabama Property Taxes
The median property tax rate in Kennedy, AL is 0.31%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Kennedy at $81,450, the typical annual property tax bill is $248, far below the national median of $2,690. Property taxes in Kennedy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kennedy'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 Kennedy 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
Kennedy, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$252
Ownwell’s Kennedy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kennedy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kennedy 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 Kennedy, Alabama
Property taxes in Kennedy, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kennedy is 0.33%, which is significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Kennedy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kennedy 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 Kennedy's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35216 zip code has the highest median property tax rate of 0.66%, while the 36862 zip code has the lowest median tax rate of 0.33%. Understanding how these cities compare with Kennedy 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 Kennedy Tax Rate
0.31%
Average Fayette County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | 0.21% | 0.24% | 0.31% | 0.59% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Kennedy, Alabama
In Kennedy, 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 Kennedy, 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 Kennedy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Kennedy is $248 in the 35574 zip code, while the lowest median tax bill is also $248 in the same zip code.
Average Kennedy Assessed Value
$81,450
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 Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | $24,670 | $46,175 | $81,450 | $143,675 | $213,700 |
Source: Ownwell
Property Tax Bills Across Kennedy, Alabama
In Kennedy, located in Fayette County, Alabama, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Kennedy can expect their property tax bills to vary significantly depending on the assessed value of their property. For instance, the median home price in Kennedy is $81,450. Tax bills in the 25th percentile are around $146, while those in the 75th percentile can reach up to $484. The highest median tax bill in the area is $248, found in zip code 35574. These tax bills are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Kennedy’s rates can be considered relatively moderate. For homeowners, this means that property taxes can have a varying impact on their annual financial obligations, with some paying significantly more or less depending on their property’s assessed value and location within the county.
Average Kennedy Tax Bill
$248
Average Fayette County Tax Bill
$330
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | $72 | $146 | $248 | $484 | $661 |
Source: Ownwell