Magnolia, Alabama Property Taxes
The median property tax rate in Magnolia, AL is 0.35%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Magnolia, the typical annual property tax bill is $170, well below the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia 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
Magnolia, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$209
$194
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Alabama
Property taxes in Magnolia, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 0.35%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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. Understanding how Magnolia's property tax rate compares with other regions provides valuable insights into the varying tax landscape across Marengo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
0.35%
Average Marengo County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36754 | 0.10% | 0.25% | 0.35% | 0.41% | 0.65% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Alabama
In Magnolia, 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 Marengo 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 Magnolia, 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Magnolia is $170.00 in the 36754 zip code, while the lowest is also $170.00 in the same zip code.
Average Magnolia Assessed Value
$59,600
Average Marengo County Assessed Value
$83,940
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36754 | $16,592 | $35,420 | $59,600 | $111,460 | $173,404 |
Source: Ownwell
Property Tax Bills Across Magnolia, Alabama
In Magnolia, located in Marengo County, AL, property tax bills are calculated based on the assessed value of your home. The assessed value is typically a percentage of the market value of the property. For example, with a median home price of $59,600, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $68, while those in the 75th percentile could see bills as high as $418. At the 90th percentile, tax bills can reach up to $619. Several factors influence the tax bill, including the local tax rate and any applicable exemptions. These taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Comparing this to the national median property tax rate of 0.99%, homeowners in Magnolia may find their property taxes relatively manageable. Understanding how these elements come together helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Magnolia Tax Bill
$170
Average Marengo County Tax Bill
$351
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36754 | $20 | $68 | $170 | $418 | $619 |
Source: Ownwell