New Market, Madison County, Alabama Property Taxes
The median property tax rate in New Market, AL is 0.34%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in New Market at $224,200, the typical annual property tax bill is $862, which is well below the national median of $2,690. Property taxes in New Market are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Market'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 Market or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Market, Madison County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$762
$707
Ownwell’s NEW MARKET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NEW MARKET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NEW MARKET 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 New Market, Madison County, Alabama
Property taxes in New Market, Alabama, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in New Market is 0.34%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within New Market set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Market 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 Market'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 0.64%, while the lowest median tax rate is 0.29%. Understanding how these cities compare with New Market 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 Market Tax Rate
0.34%
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 Market, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35761 | 0.28% | 0.33% | 0.34% | 0.36% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across New Market, Madison County, Alabama
In New Market, 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. 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 New Market helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 35761 has both the highest and lowest median tax bills, each amounting to $862.
Property Tax Assessment Values Across New Market, Madison County, Alabama
Source: Ownwell
$97,250
$226,775
$356,300
Average New Market Assessed Value
$224,200
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 Market, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35761 | $76,340 | $145,600 | $224,200 | $333,050 | $447,980 |
Source: Ownwell
Property Tax Bills Across New Market, Madison County, Alabama
In New Market, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of its market value. Local tax authorities in Madison County determine the assessed value, and then apply the county's tax rate to it. The median home price in New Market is $224,200, which serves as a benchmark for understanding typical tax bills in the area. For homeowners, property tax bills can vary significantly. The tax bill at the 25th percentile is around $525, while at the 75th percentile, it climbs to $1290. Those at the 90th percentile might see tax bills as high as $1830. The highest and lowest median tax bills both stand at $862 in the 35761 zip code. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, New Market's property tax rates offer a competitive edge, making it an attractive location for homeowners.
Average New Market Tax Bill
$862
Average Madison County Tax Bill
$1,321
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across New Market, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35761 | $306 | $525 | $862 | $1,290 | $1,830 |
Source: Ownwell