Laceys Spring, Alabama Property Taxes
The median property tax rate in Laceys Spring, AL is 0.51%, 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 Laceys Spring at $149,400, the typical annual property tax bill amounts to $604, which is significantly below the national median of $2,690. Property taxes in Laceys Spring are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Laceys Spring'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 Laceys Spring or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laceys Spring, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$762
Ownwell’s LACEYS SPRING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LACEYS SPRING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LACEYS SPRING 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 Laceys Spring, Alabama
Property taxes in Laceys Spring, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laceys Spring is 0.51%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Laceys Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laceys Spring 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 Laceys Spring's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35754 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Laceys Spring 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 Laceys Spring Tax Rate
0.51%
Average Marshall County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laceys Spring, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | 0.33% | 0.35% | 0.51% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Laceys Spring, Alabama
In Laceys Spring, 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 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 Laceys Spring, 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 Laceys Spring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $149,400, with median tax bills ranging from $435 at the 25th percentile to $1,273 at the 90th percentile. The highest and lowest median tax bills are both $604 in the 35754 zip code.
Average Laceys Spring Assessed Value
$149,400
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 Laceys Spring, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | $55,900 | $104,600 | $149,400 | $193,600 | $218,960 |
Source: Ownwell
Property Tax Bills Across Laceys Spring, Alabama
In Lacey's Spring, property tax bills are calculated based on the assessed value of the property, which is determined by the Marshall County tax assessor. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For homeowners in Lacey's Spring, the median home price is $149,400, which serves as a base for these calculations. Factors considered in determining the tax bill include the property's location, size, and any applicable exemptions. For instance, the 25th percentile tax bill in the area is $435, while the 75th percentile reaches $929, and the 90th percentile can go up to $1,273. These variations highlight how different property values and potential exemptions can impact the overall tax burden. Compared to the national median property tax rate of 0.99%, homeowners in Lacey's Spring experience a relatively moderate tax burden. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Laceys Spring Tax Bill
$604
Average Marshall County Tax Bill
$654
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Laceys Spring, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | $268 | $435 | $604 | $929 | $1,273 |
Source: Ownwell