Shannon, Alabama Property Taxes
The median property tax rate in Shannon, AL is 0.69%, which is lower than the national median of 0.99% but higher than the Alabama state median of 0.47%. With a median home value of $116,500 in Shannon, the typical annual property tax bill amounts to $677, significantly below the national median of $2,690. Property taxes in Shannon are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Shannon'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 Shannon or another part of Jefferson County, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Shannon, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$804
Ownwell’s Shannon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shannon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shannon 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 Shannon, Alabama
Property taxes in Shannon, Alabama, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Shannon is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Shannon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shannon 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 Shannon's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35142 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Shannon 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 Shannon Tax Rate
0.69%
Average Jefferson County Tax Rate
0.71%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shannon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35142 | 0.45% | 0.54% | 0.69% | 0.85% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Shannon, Alabama
In Shannon, 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. In Shannon, 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 Shannon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 35142, with a median bill of $677.
Average Shannon Assessed Value
$116,500
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 Shannon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35142 | $59,220 | $80,700 | $116,500 | $117,200 | $117,620 |
Source: Ownwell
Property Tax Bills Across Shannon, Alabama
In Shannon, Jefferson County, AL, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $116,500, homeowners can expect property tax bills ranging from $425 at the 25th percentile to $929 at the 75th percentile, and up to $1,080 at the 90th percentile. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. These taxes fund essential public services like schools, infrastructure, and emergency services. Homeowners in Shannon benefit from relatively low property tax rates compared to the national median of 0.99%, making it a more affordable option for property owners. However, it's crucial to stay informed about local tax policies and potential changes that could impact future tax bills.
Average Shannon Tax Bill
$677
Average Jefferson County Tax Bill
$1,159
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Shannon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35142 | $273 | $425 | $677 | $929 | $1,080 |
Source: Ownwell