Chancellor, Alabama Property Taxes
The median property tax rate in Chancellor, Alabama is 0.28%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Chancellor at $111,300, the typical annual property tax bill amounts to $302, well below the national median of $2,690. Property taxes in Chancellor are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chancellor'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 Chancellor 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
Chancellor, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$312
Ownwell’s Chancellor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chancellor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chancellor 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 Chancellor, Alabama
Property taxes in Chancellor, Alabama, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Chancellor is 0.28%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Chancellor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chancellor 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 Chancellor's effective property tax rate to other counties in Alabama and the national median. Understanding how Chancellor's property tax rate compares with other regions provides valuable insights into the varying tax landscape across Geneva County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chancellor Tax Rate
0.28%
Average Geneva County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chancellor, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36316 | 0.12% | 0.20% | 0.28% | 0.38% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Chancellor, Alabama
In Chancellor, 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 Geneva 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 Chancellor, 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 Chancellor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $302.00, found in the 36316 zip code.
Average Chancellor Assessed Value
$111,300
Average Geneva County Assessed Value
$100,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chancellor, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36316 | $31,120 | $55,500 | $111,300 | $210,200 | $324,620 |
Source: Ownwell
Property Tax Bills Across Chancellor, Alabama
In Chancellor, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $111,300, homeowners can expect a range of tax bills. The 25th percentile tax bill is around $165, while the 75th percentile reaches up to $536. At the higher end, the 90th percentile tax bill is approximately $884. Factors influencing the tax bill include the home's market value, any applicable exemptions, and the local tax rate. These taxes fund essential public services such as schools, infrastructure, and emergency services, making them crucial for community development. Compared to the national median property tax rate of 0.99%, the property taxes in Chancellor provide a relatively affordable option for homeowners, contributing to the overall appeal of residing in Geneva County.
Average Chancellor Tax Bill
$302
Average Geneva County Tax Bill
$373
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Chancellor, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36316 | $78 | $165 | $302 | $536 | $884 |
Source: Ownwell