Vance, Alabama Property Taxes
The median property tax rate in Vance, AL is 0.35%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Vance, the typical annual property tax bill is $1,024, which is well below the national median of $2,690. Property taxes in Vance are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Vance'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 Vance 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
Vance, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$1,011
$938
Ownwell’s Vance Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Vance with ease. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Vance to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-informed and prepared. For those interested in exploring trends at a more granular level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Vance, Alabama
Property taxes in Vance, Alabama, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Vance is 0.35%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Vance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vance 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 Vance's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is found in Jefferson County, while the lowest median tax rate is in another part of the state. Understanding how these cities compare with Vance provides valuable insights into the varying tax landscape across Tuscaloosa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vance Tax Rate
0.35%
Average Jefferson County Tax Rate
0.71%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Vance, Alabama
In Vance, 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 Vance, 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 Vance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 35490 has both the highest and lowest median tax bills, each at $1024.
Average Vance Assessed Value
$288,900
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 Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | $288,900 | $288,900 | $288,900 | $288,900 | $288,900 |
Source: Ownwell
Property Tax Bills Across Vance, Alabama
In Vance, Jefferson County, AL, property tax bills are determined based on the assessed value of the property, which is a percentage of its market value. The county assesses properties to establish this value, and the tax rate is then applied to calculate the annual property tax bill. For homeowners in Vance, the median home price is $288,900, and the property tax rate is significantly lower than the national median property tax rate of 0.99%. The tax bill remains consistent across various percentiles, with the 25th, 75th, and 90th percentiles all showing a tax bill of $1,024. This uniformity suggests a stable tax environment for homeowners. The highest and lowest median tax bills in the area are also $1,024, indicating minimal variation in property tax bills within Vance. This predictable tax structure can make financial planning easier for homeowners, ensuring they are well-prepared for their annual property tax obligations.
Average Vance Tax Bill
$1,024
Average Jefferson County Tax Bill
$1,159
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Vance, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35490 | $1,024 | $1,024 | $1,024 | $1,024 | $1,024 |
Source: Ownwell