Forkland, Alabama Property Taxes
The median property tax rate in Forkland, AL is 0.45%, which is lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $54,850 in Forkland, the typical annual property tax bill amounts to $227, significantly below the national median of $2,690. Property taxes in Forkland are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Forkland'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 Forkland 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
Forkland, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$247
Ownwell’s Forkland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forkland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forkland 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 Forkland, Alabama
Property taxes in Forkland, Alabama, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forkland is 0.45%, significantly lower than the U.S. national median of 0.99%. Local government entities within Forkland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forkland 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 Forkland's effective property tax rate to other counties in Alabama and the national median. For comparison, the 36740 zip code has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Forkland provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forkland Tax Rate
0.45%
Average Greene County Tax Rate
0.45%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forkland, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36740 | 0.23% | 0.36% | 0.45% | 0.50% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Forkland, Alabama
In Forkland, 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 Greene 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 Forkland, 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. For instance, the median home price in Forkland is $54,850, with annual tax bills ranging from $113 at the 25th percentile to $802 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forkland Assessed Value
$54,850
Average Greene County Assessed Value
$64,700
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forkland, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36740 | $15,850 | $29,475 | $54,850 | $103,200 | $182,300 |
Source: Ownwell
Property Tax Bills Across Forkland, Alabama
In Forkland, property tax bills are calculated using the assessed value of the property and the applicable tax rate set by Greene County. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For example, the median home price in Forkland is $54,850, and the tax bills can range significantly. The 25th percentile tax bill is around $113, while the 75th percentile reaches $442. At the 90th percentile, homeowners might see tax bills as high as $802. These tax bills impact homeowners by contributing to local services such as schools and infrastructure. Compared to the national median property tax rate of 0.99%, Forkland's tax rates can be considered relatively moderate, providing essential services without an overwhelming financial burden on property owners.
Average Forkland Tax Bill
$227
Average Greene County Tax Bill
$290
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Forkland, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36740 | $65 | $113 | $227 | $442 | $802 |
Source: Ownwell