Waverly, Alabama Property Taxes
The median property tax rate in Waverly, AL is 0.53%, slightly higher than the state median of 0.47% but still below the national median of 0.99%. With the median home value in Waverly at $453,480, the typical annual property tax bill is $2,011, which is lower than the national median of $2,690. Property taxes in Waverly are calculated based on the assessed value, which is often reduced by various exemptions such as those for primary residences and agricultural properties. Understanding Waverly'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 Waverly 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
Waverly, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$2,403
Ownwell’s Waverly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waverly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waverly 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 Waverly, Alabama
Property taxes in Waverly, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waverly is 0.53%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Waverly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waverly 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 Waverly's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36879 has the highest median property tax rate of 0.53%, while the same zip code also has the lowest median tax rate of 0.53%. Understanding how these cities compare with Waverly provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waverly Tax Rate
0.53%
Average Lee County Tax Rate
0.52%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waverly, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36879 | 0.31% | 0.41% | 0.53% | 0.53% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Waverly, Alabama
In Waverly, 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 Lee 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. Being aware of these valuation processes in Waverly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Waverly, the highest and lowest median tax bills are both found in the 36879 zip code, amounting to $2,011.
Average Waverly Assessed Value
$453,480
Average Lee County Assessed Value
$237,000
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waverly, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36879 | $74,344 | $200,800 | $453,480 | $502,925 | $582,047 |
Source: Ownwell
Property Tax Bills Across Waverly, Alabama
In WAVERLY, located in Lee County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $453,480, homeowners can expect varying tax bills depending on their property's specific assessed value and applicable exemptions. Several factors influence the tax bill, including property size, location, and any eligible exemptions. In WAVERLY, the 25th percentile of property tax bills is $898, while the 75th percentile reaches up to $2,560, and the 90th percentile peaks at $2,795. These figures highlight the range of property tax obligations homeowners may face, reflecting differences in property values and assessments. Compared to the national median property tax rate of 0.99%, WAVERLY's property tax rates can significantly impact homeowners' financial planning, especially those with higher-valued properties. Understanding these calculations is crucial for budgeting and making informed property decisions.
Average Waverly Tax Bill
$2,011
Average Lee County Tax Bill
$1,329
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Waverly, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36879 | $437 | $898 | $2,011 | $2,560 | $2,795 |
Source: Ownwell