Princeton, Alabama Property Taxes
The median property tax rate in Princeton, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Princeton at $85,300, the typical annual property tax bill is $262, which is well below the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Princeton'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 Princeton 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
Princeton, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$256
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Alabama
Property taxes in Princeton, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.30%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Alabama and the national median. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
0.30%
Average Jackson County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35766 | 0.16% | 0.23% | 0.30% | 0.40% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Alabama
In Princeton, 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 Jackson 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $85,300, with the highest median tax bill of $262 in zip code 35766.
Average Princeton Assessed Value
$85,300
Average Jackson County Assessed Value
$104,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35766 | $24,340 | $50,800 | $85,300 | $147,100 | $189,100 |
Source: Ownwell
Property Tax Bills Across Princeton, Alabama
In Princeton, located in Jackson County, AL, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Princeton is $85,300. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $161, while the 75th percentile tax bill reaches $392, and the 90th percentile tax bill can be as high as $499. These variations are influenced by factors such as property location, home improvements, and changes in the local tax rate. Compared to the national median property tax rate of 0.99%, Princeton's tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners better anticipate their annual tax obligations and plan their finances accordingly.
Average Princeton Tax Bill
$262
Average Jackson County Tax Bill
$375
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35766 | $98 | $161 | $262 | $392 | $499 |
Source: Ownwell