Myrtlewood, Alabama Property Taxes
The median property tax rate in Myrtlewood, AL is 0.47%, aligning with the state median but significantly lower than the national median of 0.99%. With a median home value of $60,100 in Myrtlewood, the typical annual property tax bill is $268, well below the national median of $2,690. Property taxes in Myrtlewood are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Myrtlewood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Myrtlewood 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
Myrtlewood, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Myrtlewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Myrtlewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Myrtlewood 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 Myrtlewood, Alabama
Property taxes in Myrtlewood, Alabama, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Myrtlewood is 0.47%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Myrtlewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Myrtlewood 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 Myrtlewood's effective property tax rate to other counties in Alabama and the national median. For comparison, the 36763 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these cities compare with Myrtlewood 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 Myrtlewood Tax Rate
0.47%
Average Marengo County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Myrtlewood, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36763 | 0.36% | 0.38% | 0.47% | 0.47% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Myrtlewood, Alabama
In Myrtlewood, 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. Assessment notices in Myrtlewood 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 Myrtlewood 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 in Myrtlewood is 36763, both at $268.
Average Myrtlewood Assessed Value
$60,100
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 Myrtlewood, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36763 | $24,530 | $39,365 | $60,100 | $104,675 | $130,718 |
Source: Ownwell
Property Tax Bills Across Myrtlewood, Alabama
In Myrtlewood, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the property's market value. For instance, if the median home price in Myrtlewood is $60,100, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location within Marengo County and any applicable exemptions. Homeowners in Myrtlewood might find their tax bills vary significantly. For example, the 25th percentile tax bill stands at $203, while the 75th percentile reaches $456, and the 90th percentile climbs to $626. These figures illustrate the range of tax burdens homeowners can face. Compared to the national median property tax rate of 0.99%, Myrtlewood's tax rates can be relatively moderate, which can make homeownership more affordable but still impactful depending on individual circumstances.
Average Myrtlewood Tax Bill
$268
Average Marengo County Tax Bill
$351
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Myrtlewood, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36763 | $81 | $203 | $268 | $456 | $626 |
Source: Ownwell