Owens Cross Roads, Madison County, Alabama Property Taxes
The median property tax rate in Owens Cross Roads, AL is 0.57%, slightly higher than the Alabama state median of 0.47% but lower than the national median of 0.99%. With the median home value in Owens Cross Roads at $356,300, the typical annual property tax bill is $2,110, which is below the national median of $2,690. Property taxes in Owens Cross Roads are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding the property tax system in Owens Cross Roads, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Owens Cross Roads or another part of Madison County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Owens Cross Roads, Madison County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$2,031
$1,885
Ownwell’s Owens Cross Roads Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Owens Cross Roads. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Owens Cross Roads to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by Madison County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Owens Cross Roads, Madison County, Alabama
Property taxes in Owens Cross Roads, Alabama, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Owens Cross Roads is 0.57%, significantly lower than the U.S. national median of 0.99%. Local government entities within Owens Cross Roads set these rates annually, and they can vary across different neighborhoods. Each year, Owens Cross Roads 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 Owens Cross Roads' effective property tax rate to other areas in Alabama and the national median. For comparison, the zip code 35763 has the same median property tax rate of 0.57%. Understanding how these areas compare with Owens Cross Roads 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 Owens Cross Roads Tax Rate
0.57%
Average Madison County Tax Rate
0.56%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owens Cross Roads, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35763 | 0.38% | 0.51% | 0.57% | 0.57% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Owens Cross Roads, Madison County, Alabama
In Owens Cross Roads, 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 Owens Cross Roads, 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 Owens Cross Roads helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 35763, with a tax bill of $2,110.
Property Tax Assessment Values Across Owens Cross Roads, Madison County, Alabama
Source: Ownwell
$97,250
$226,775
$356,300
Average Owens Cross Roads Assessed Value
$356,300
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 Owens Cross Roads, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35763 | $168,100 | $261,000 | $356,300 | $473,900 | $588,180 |
Source: Ownwell
Property Tax Bills Across Owens Cross Roads, Madison County, Alabama
In Owens Cross Roads, property tax bills are calculated based on the assessed value of the home, which is a percentage of the property's market value. Madison County uses a standard assessment ratio to determine this value. Once the assessed value is established, the local tax rate is applied. For example, if the median home price is $356,300, the assessed value would be a portion of this amount, and the tax rate would be applied accordingly. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Owens Cross Roads can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is $1,458, while at the 75th percentile, it reaches $2,857. For those in the 90th percentile, the tax bill can go up to $3,606. These figures highlight how property taxes can impact household budgets, with higher-value homes facing steeper tax bills. Compared to the national median property tax rate of 0.99%, Owens Cross Roads offers a competitive landscape for property taxes.
Average Owens Cross Roads Tax Bill
$2,110
Average Madison County Tax Bill
$1,321
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Owens Cross Roads, Madison County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35763 | $720 | $1,458 | $2,110 | $2,857 | $3,606 |
Source: Ownwell