New Hope, Madison County, Alabama Property Taxes
The median property tax rate in New Hope, AL is 0.37%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $139,400 in New Hope, the typical annual property tax bill is $587, well below the national median of $2,690. Property taxes in New Hope are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Hope'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 New 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
New Hope, Madison County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$516
$479
Ownwell’s New Hope Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in New Hope with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in New Hope to provide an estimate of your property tax bill. This helps you understand potential tax liabilities and plan your finances accordingly. If you're curious about neighborhood-specific trends, you can explore more localized information by scrolling down. Your property’s assessed value is determined by the county for tax calculations and considers any applicable exemptions.
Property Tax Rates Across New Hope, Madison County, Alabama
Property taxes in New 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 New Hope is 0.37%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within New Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, New 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 New Hope's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is found in ZIP code 35203 with a rate of 0.66%, while the lowest median tax rate is in ZIP code 35006 at 0.25%. Understanding how these cities compare with New Hope provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Hope Tax Rate
0.37%
Average Madison County Tax Rate
0.56%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hope, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | 0.27% | 0.32% | 0.37% | 0.72% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across New Hope, Madison County, Alabama
In New 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 Madison 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 New Hope, 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 New Hope is $139,400, with tax bills ranging from $322 at the 25th percentile to $1,426 at the 90th percentile. The highest and lowest median tax bills are both $587 in the 35760 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Hope, Madison County, Alabama
Source: Ownwell
$97,250
$226,775
$356,300
Average New Hope Assessed Value
$139,400
Average Madison County Assessed Value
$243,200
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Hope, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | $37,100 | $73,600 | $139,400 | $220,275 | $344,900 |
Source: Ownwell
Property Tax Bills Across New Hope, Madison County, Alabama
In New Hope, Madison County, AL, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The median home price in New Hope is $139,400, which provides a baseline for these calculations. Factors such as the property's location, size, and any improvements can influence its assessed value. Homeowners in New Hope can expect their annual tax bills to vary. For instance, tax bills at the 25th percentile are around $322, while those at the 75th percentile reach up to $916. At the 90th percentile, tax bills can rise to $1,426. The highest and lowest median tax bills in the area both stand at $587, indicating some consistency in tax assessments within specific zip codes. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, New Hope's rates are relatively moderate, providing a balanced approach to funding community needs without overly burdening property owners.
Average New Hope Tax Bill
$587
Average Madison County Tax Bill
$1,321
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hope, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | $168 | $322 | $587 | $916 | $1,426 |
Source: Ownwell