Fort Deposit, Alabama Property Taxes
The median property tax rate in Fort Deposit, AL is 0.57%, slightly higher than the Alabama state median of 0.47% but still below the national median of 0.99%. With a median home value of $107,650, the typical annual property tax bill in Fort Deposit amounts to $603, which is significantly less than the national median of $2,690. Property taxes in Fort Deposit are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fort Deposit'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 Fort Deposit 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
Fort Deposit, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$614
$569
Ownwell’s FORT DEPOSIT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT DEPOSIT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT DEPOSIT 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 Fort Deposit, Alabama
Property taxes in Fort Deposit, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Deposit is 0.57%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Fort Deposit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Deposit 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 Fort Deposit's effective property tax rate to other counties in Alabama and the national median. For comparison, the 36032 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Fort Deposit provides valuable insights into the varying tax landscape across Lowndes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Deposit Tax Rate
0.57%
Average Lowndes County Tax Rate
0.45%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Deposit, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36032 | 0.35% | 0.45% | 0.57% | 0.64% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Fort Deposit, Alabama
In Fort Deposit, 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 Lowndes 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 Fort Deposit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Fort Deposit, both at $603, are found in the 36032 zip code.
Average Fort Deposit Assessed Value
$107,650
Average Lowndes County Assessed Value
$118,330
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Deposit, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36032 | $48,440 | $70,205 | $107,650 | $160,020 | $243,320 |
Source: Ownwell
Property Tax Bills Across Fort Deposit, Alabama
In Fort Deposit, located in Lowndes County, AL, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Fort Deposit is $107,650. Once the market value is determined, it is multiplied by the assessment ratio set by the state. The resulting assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. Factors influencing the tax bill include the property's market value, assessment ratio, and the local tax rate. In Fort Deposit, the tax bills can vary significantly, with the 25th percentile at $373, the 75th percentile at $949, and the 90th percentile reaching $1,432. The median tax bill in the area is $603, which is relatively low compared to the national median property tax rate of 0.99%. For homeowners, these property taxes are essential for funding local services but can also impact their overall housing costs.
Average Fort Deposit Tax Bill
$603
Average Lowndes County Tax Bill
$581
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Deposit, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36032 | $257 | $373 | $603 | $949 | $1,432 |
Source: Ownwell