Hamilton, Alabama Property Taxes
The median property tax rate in Hamilton, Alabama is 0.32%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With a median home value in Hamilton, the typical annual property tax bill is $256, which is well below the national median of $2,690. Property taxes in Hamilton are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Hamilton'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 Hamilton 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
Hamilton, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$198
Ownwell’s Hamilton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamilton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton 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 Hamilton, Alabama
Property taxes in Hamilton, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 0.33%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton'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 Shelby County at 0.69%, while the lowest median tax rate is in Crenshaw County at 0.16%. Understanding how these cities compare with Hamilton provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hamilton Tax Rate
0.32%
Average Lamar County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | 0.14% | 0.21% | 0.32% | 0.43% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Alabama
In Hamilton, 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 county's 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hamilton are both $256, found in zip code 35570.
Average Hamilton Assessed Value
$61,720
Average Lamar County Assessed Value
$83,780
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | $39,768 | $48,000 | $61,720 | $75,440 | $83,672 |
Source: Ownwell
Property Tax Bills Across Hamilton, Alabama
In Hamilton, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property location, market conditions, and any applicable exemptions or deductions can influence the assessed value. For instance, the median home price in Hamilton is $61,720, and homeowners can expect to pay a median property tax bill of approximately $256 annually, which is significantly lower than the national median property tax rate of 0.99%. The tax bill can vary widely; 25th percentile homeowners pay around $145, while those in the 75th percentile see bills closer to $366. The highest tax bills, at the 90th percentile, reach up to $433. These variations reflect differences in property values and any exemptions applied. Lower tax rates can make homeownership more affordable, but they also impact local government revenues, which fund essential services like schools and public safety.
Average Hamilton Tax Bill
$256
Average Lamar County Tax Bill
$248
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35570 | $78 | $145 | $256 | $366 | $433 |
Source: Ownwell