New Hope, Alabama Property Taxes
The median property tax rate in New Hope, AL is 0.68%, which is lower than the national median of 0.99% but higher than the Alabama state median of 0.47%. With a median home value of $80,650 in New Hope, the typical annual property tax bill amounts to $408, significantly below the national median of $2,690. Property taxes in New Hope are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding New Hope'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 New Hope 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
New Hope, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$548
Ownwell’s New Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Hope 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 New Hope, Alabama
Property taxes in New Hope, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Hope is 0.68%, which is lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within New Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Hope 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 New Hope's effective property tax rate to other counties in Alabama and the national median. For comparison, the 35760 zip code has the highest median property tax rate of 0.68%, while the same 35760 zip code has the lowest median tax rate of 0.68%. Understanding how these cities compare with New Hope 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 New Hope Tax Rate
0.68%
Average Marshall County Tax Rate
0.43%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | 0.38% | 0.38% | 0.68% | 0.82% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across New Hope, Alabama
In New Hope, 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 New Hope, 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 New Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 35760, with a median tax bill of $408.00.
Average New Hope Assessed Value
$80,650
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 New Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | $23,640 | $38,450 | $80,650 | $155,825 | $263,872 |
Source: Ownwell
Property Tax Bills Across New Hope, Alabama
In New Hope, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. For instance, with a median home price of $80,650, the assessed value is determined by local assessment rates and then multiplied by the tax rate set by Marshall County. This calculated amount forms the basis of the property tax bill. Several factors influence the final tax bill, including the home's location within the county, any applicable exemptions, and changes in local tax rates. For example, the 25th percentile tax bill in New Hope is $263, while the 75th percentile reaches $851, and the 90th percentile goes up to $1,248. These figures show the range of tax bills homeowners might expect, with the highest median tax bill recorded at $408 in the 35760 zip code. For homeowners, understanding how these factors affect their property tax bills is crucial for financial planning and anticipating yearly expenses. Comparing these local rates to the national median property tax rate of 0.99% can help homeowners gauge the relative affordability of living in New Hope.
Average New Hope Tax Bill
$408
Average Marshall County Tax Bill
$654
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across New Hope, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35760 | $139 | $263 | $408 | $851 | $1,248 |
Source: Ownwell