Mount Hope, Alabama Property Taxes
The median property tax rate in Mount Hope, AL is 0.29%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Mount Hope at $143,111, the typical annual property tax bill is $478, which is well below the national median of $2,690. Property taxes in Mount Hope are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mount Hope'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 Mount Hope 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
Mount Hope, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$415
$385
Ownwell’s Mount Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Hope 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 Mount Hope, Alabama
Property taxes in Mount Hope, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Hope is 0.29%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Mount Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Hope 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 Mount Hope's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 35203 with a rate of 0.50%, while the lowest median tax rate is in ZIP code 36027 at 0.15%. Understanding how these cities compare with Mount Hope provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Hope Tax Rate
0.29%
Average Lawrence County Tax Rate
0.30%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35651 | 0.23% | 0.27% | 0.29% | 0.48% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Mount Hope, Alabama
In MOUNT HOPE, 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 Lawrence 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. 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. The median home price in MOUNT HOPE is $143,111, with tax bills ranging from $280 at the 25th percentile to $1,194 at the 90th percentile. The zip code 35651 has both the highest and lowest median tax bill, which is $478. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mount Hope Assessed Value
$143,111
Average Lawrence County Assessed Value
$132,500
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35651 | $43,840 | $83,796 | $143,111 | $213,900 | $321,594 |
Source: Ownwell
Property Tax Bills Across Mount Hope, Alabama
Property tax bills in Mount Hope, Lawrence County, AL, are calculated based on the assessed value of a property, 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. For instance, with a median home price of $143,111, property taxes can vary significantly. Homeowners in the 25th percentile can expect to pay around $280 annually, while those in the 75th percentile may see bills as high as $729. At the 90th percentile, tax bills can reach up to $1,194. Several factors influence these tax bills, including property size, location, and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making Mount Hope's rates relatively favorable for homeowners. Lower property taxes can make homeownership more affordable, but understanding these costs is crucial for financial planning and long-term investment in the community.
Average Mount Hope Tax Bill
$478
Average Lawrence County Tax Bill
$474
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35651 | $143 | $280 | $478 | $729 | $1,194 |
Source: Ownwell