Florence, Alabama Property Taxes
The median property tax rate in Florence, AL is 0.49%, slightly higher than the Alabama state median of 0.47% but well below the national median of 0.99%. With a median home value of $137,200 in Florence, the typical annual property tax bill amounts to $692, significantly less than the national median of $2,690. Property taxes in Florence are determined based on the assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Florence'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 Florence or another part of Lauderdale County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Florence Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Florence to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making financial planning easier. For those interested in more detailed information, you can find localized trends by scrolling down. Your property’s assessed value, determined by Lauderdale County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Florence, Alabama
Property taxes in Florence, Alabama, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.49%, lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 35631 has both the highest and lowest median property tax rate of 0.40%. Understanding how these areas compare with Florence provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
0.49%
Average Lauderdale County Tax Rate
0.46%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35630 | N/A | N/A | N/A | N/A | N/A |
| 35631 | 0.19% | 0.32% | 0.40% | 0.43% | 0.52% |
| 35633 | N/A | N/A | N/A | N/A | N/A |
| 35634 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Florence, Alabama
In Florence, 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 Lauderdale 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 Florence, 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 Florence 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 35631, with a tax bill of $1,122, which is significantly higher than the national median property tax rate of 0.99%.
Average Florence Assessed Value
$137,200
Average Lauderdale County Assessed Value
$145,000
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35630 | N/A | N/A | N/A | N/A | N/A |
| 35631 | $83,690 | $88,475 | $286,150 | $440,275 | $803,740 |
| 35633 | N/A | N/A | N/A | N/A | N/A |
| 35634 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Florence, Alabama
In Florence, Lauderdale County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Florence experience a range of property tax bills, with the 25th percentile at $328 and the 75th percentile reaching $1,171. For those in the 90th percentile, the tax bill can be as high as $1,839. The highest median tax bill in the area is $1,122, found in the 35631 zip code. Compared to the national median property tax rate of 0.99%, Florence's property taxes can be considered relatively moderate. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how these factors interplay helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Florence Tax Bill
$692
Average Lauderdale County Tax Bill
$686
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35630 | N/A | N/A | N/A | N/A | N/A |
| 35631 | $283 | $439 | $1,122 | $1,553 | $2,638 |
| 35633 | N/A | N/A | N/A | N/A | N/A |
| 35634 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell