Groveoak, Alabama Property Taxes
The median property tax rate in Groveoak, AL is 0.36%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Groveoak at $131,114, the typical annual property tax bill is $563, well below the national median of $2,690. Property taxes in Groveoak are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Groveoak's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Groveoak or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Groveoak, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$472
$438
Ownwell’s Groveoak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Groveoak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Groveoak 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 Groveoak, Alabama
Property taxes in Groveoak, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Groveoak is 0.36%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Groveoak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Groveoak 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 Groveoak'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 0.14%. Understanding how these cities compare with Groveoak provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Groveoak Tax Rate
0.36%
Average Marshall County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Groveoak, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35975 | 0.27% | 0.31% | 0.36% | 0.46% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Groveoak, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Groveoak, Alabama. 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 Marshall 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 Groveoak, 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 Groveoak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 35975 has the highest and lowest median tax bill at $563, reflecting the diverse property values in the area.
Average Groveoak Assessed Value
$131,114
Average Marshall County Assessed Value
$133,700
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Groveoak, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35975 | $34,600 | $73,875 | $131,114 | $207,551 | $323,700 |
Source: Ownwell
Property Tax Bills Across Groveoak, Alabama
In Groveoak, Marshall County, AL, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Groveoak stands at $131,114, which serves as the basis for the assessed value. Homeowners can expect their tax bills to vary significantly, with the 25th percentile tax bill at $236 and the 75th percentile reaching $837. For those at the 90th percentile, tax bills can climb up to $1,296, reflecting higher property values or additional assessments. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. These elements collectively determine the financial obligation for homeowners. With the highest and lowest median tax bills both recorded at $563 in the 35975 zip code, the impact on homeowners can vary but remains relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and manage their financial planning effectively.
Average Groveoak Tax Bill
$563
Average Marshall County Tax Bill
$654
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Groveoak, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35975 | $138 | $236 | $563 | $837 | $1,296 |
Source: Ownwell