Toney, Alabama Property Taxes
The median property tax rate in Toney, 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 Toney, the typical annual property tax bill is $766, well below the national median of $2,690. Property taxes in Toney 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 Toney'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 Toney 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
Toney, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$669
$620
Ownwell’s Toney Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toney with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toney 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 Toney, Alabama
Property taxes in Toney, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toney 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 Toney set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toney 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 Toney'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 0.66%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Toney 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 Toney 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 Toney, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35773 | 0.28% | 0.33% | 0.34% | 0.70% | 0.72% |
Source: Ownwell
Property Tax Assessment Values Across Toney, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Toney, Alabama. The market value represents 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 Toney, 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. For example, the median home price in Toney is $196,650, with median tax bills ranging from $508 at the 25th percentile to $1,779 at the 90th percentile. Notably, the zip code 35773 has the highest median tax bill at $766. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Toney Assessed Value
$196,650
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 Toney, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35773 | $66,170 | $136,325 | $196,650 | $274,900 | $380,560 |
Source: Ownwell
Property Tax Bills Across Toney, Alabama
In Toney, Madison County, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the home's market value, which is determined by the county's property assessor. Factors such as the property's location, size, and condition are taken into account. Homeowners in Toney see tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $508, while the 75th percentile tax bill reaches up to $1,185. At the 90th percentile, homeowners might pay as much as $1,779. This variability can greatly impact household budgets, especially when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Toney are both $766, indicating a relatively stable median tax rate within the area. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Toney Tax Bill
$766
Average Madison County Tax Bill
$1,321
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Toney, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35773 | $279 | $508 | $766 | $1,185 | $1,779 |
Source: Ownwell