Town Creek, Alabama Property Taxes
The median property tax rate in Town Creek, AL is 0.30%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With the median home value in Town Creek at $126,800, the typical annual property tax bill is $448, far below the national median of $2,690. Property taxes in Town Creek are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Town Creek'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 Town Creek 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
Town Creek, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$380
Ownwell’s TOWN CREEK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TOWN CREEK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TOWN CREEK 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 Town Creek, Alabama
Property taxes in TOWN CREEK, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in TOWN CREEK is 0.30%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within TOWN CREEK set these rates annually, and they can vary significantly across different neighborhoods. Each year, TOWN CREEK 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 TOWN CREEK's effective property tax rate to other counties in Alabama and the national median. Understanding how TOWN CREEK compares to other areas 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 Town Creek Tax Rate
0.30%
Average Lawrence County Tax Rate
0.30%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Town Creek, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35672 | 0.24% | 0.28% | 0.30% | 0.60% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Town Creek, Alabama
In Town Creek, 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. In Town Creek, 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 Town Creek is $126,800, with annual tax bills ranging from $261 at the 25th percentile to $1,110 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Town Creek Assessed Value
$126,800
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 Town Creek, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35672 | $34,960 | $72,050 | $126,800 | $204,184 | $314,120 |
Source: Ownwell
Property Tax Bills Across Town Creek, Alabama
In TOWN CREEK, Lawrence County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The median home price in TOWN CREEK is $126,800. Property taxes are then calculated by applying the local tax rate to this assessed value. For homeowners, this means that the property tax bill can vary significantly depending on the assessed value of their property and the specific tax rate applied. The median property tax bill in TOWN CREEK is $448, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile of tax bills pay around $261, while those in the 75th percentile pay approximately $733. For those in the 90th percentile, the tax bill can be as high as $1,110. These variations affect homeowners differently, with lower tax bills being more manageable for some, while higher bills can be a significant financial burden for others.
Average Town Creek Tax Bill
$448
Average Lawrence County Tax Bill
$474
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Town Creek, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35672 | $147 | $261 | $448 | $733 | $1,110 |
Source: Ownwell