Mount Olive, Alabama Property Taxes
The median property tax rate in Mount Olive, AL is 0.48%, slightly higher than the Alabama state median of 0.47% but significantly lower than the national median of 0.99%. With the median home value in Mount Olive at $190,000, the typical annual property tax bill is approximately $1,004, well below the national median of $2,690. Property taxes in Mount Olive are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mount Olive'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 Mount Olive or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Olive, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$912
$846
Ownwell’s MOUNT OLIVE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MOUNT OLIVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT OLIVE 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 Mount Olive, Alabama
Property taxes in Mount Olive, Alabama, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive is 0.48%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 35117 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Mount Olive provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olive Tax Rate
0.48%
Average Jefferson County Tax Rate
0.71%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35117 | 0.42% | 0.47% | 0.48% | 0.57% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, Alabama
In Mount Olive, 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 Jefferson 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. 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 Mount Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 35117 has the highest and lowest median tax bill of $1,004.
Average Mount Olive Assessed Value
$190,000
Average Jefferson County Assessed Value
$150,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35117 | $81,680 | $142,200 | $190,000 | $237,500 | $318,680 |
Source: Ownwell
Property Tax Bills Across Mount Olive, Alabama
In Mount Olive, Jefferson County, AL, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is established by the county assessor. Several factors influence the assessed value, including the property's location, size, and condition, as well as market trends. Homeowners in Mount Olive can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $735, while the 75th percentile tax bill reaches approximately $1,341. At the 90th percentile, homeowners might see tax bills as high as $1,890. This range reflects the diversity in property values and corresponding tax obligations within the area. The median home price in Mount Olive is about $190,000, which influences the overall tax burden. Compared to the national median property tax rate of 0.99%, Mount Olive's tax rates can be considered moderate, providing a balanced financial impact on homeowners.
Average Mount Olive Tax Bill
$1,004
Average Jefferson County Tax Bill
$1,159
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35117 | $437 | $735 | $1,004 | $1,341 | $1,890 |
Source: Ownwell