Vernon, Alabama Property Taxes
The median property tax rate in Vernon, AL is 0.28%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $85,200 in Vernon, the typical annual property tax bill amounts to $268, which is well below the national median of $2,690. Property taxes in Vernon 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 Vernon'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 Vernon or another part of Lamar County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vernon, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.28%
Estimate Property Tax Bill
$239
$221
Ownwell’s Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Alabama
Property taxes in Vernon, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon is 0.31%, which is significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35474 zip code has the highest median property tax rate of 0.33%, while the 35574 zip code has the lowest median tax rate of 0.31%. Understanding how these cities compare with Vernon provides valuable insights into the varying tax landscape across Lamar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vernon Tax Rate
0.28%
Average Lamar County Tax Rate
0.28%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35592 | 0.14% | 0.22% | 0.28% | 0.35% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Alabama
In Vernon, 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 Lamar 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 Vernon, 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. For instance, the highest median tax bill in Vernon is $268 in the 35592 zip code, which can be a point of reference for homeowners. Being aware of these valuation processes in Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vernon Assessed Value
$85,200
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 Vernon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35592 | $23,738 | $50,325 | $85,200 | $141,930 | $210,156 |
Source: Ownwell
Property Tax Bills Across Vernon, Alabama
In Vernon, located in Lamar County, Alabama, property tax bills are calculated based on the assessed value of a home. The assessed value is derived from the market value, which is then multiplied by the assessment ratio set by the state. The resulting figure is further multiplied by the local tax rate to determine the tax bill. For homeowners in Vernon, the median home price stands at $85,200. Several factors influence the final tax bill, including property characteristics, market conditions, and local tax rates. For instance, the tax bill for the 25th percentile is around $125, while it rises to $472 for the 75th percentile, and reaches $723 for the 90th percentile. This variability illustrates how different factors can significantly impact the tax amount. Homeowners in Vernon benefit from relatively low property taxes compared to the national median property tax rate of 0.99%, making it a financially attractive location for property ownership. Understanding these calculations helps homeowners better anticipate their financial obligations and plan accordingly.
Average Vernon Tax Bill
$268
Average Lamar County Tax Bill
$248
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35592 | $44 | $125 | $268 | $472 | $723 |
Source: Ownwell