Peterman, Alabama Property Taxes
The median property tax rate in Peterman, Alabama is 0.31%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Peterman, the typical annual property tax bill is $196, which is well below the national median of $2,690. Property taxes in Peterman 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 Peterman'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 Peterman or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Peterman, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$195
$181
Ownwell’s Peterman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peterman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peterman 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 Peterman, Alabama
Property taxes in Peterman, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peterman is 0.31%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Peterman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peterman 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 Peterman'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 found in 35223 with a rate of 0.66%, while the lowest median tax rate is in 36765 with a rate of 0.16%. Understanding how these cities compare with Peterman provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peterman Tax Rate
0.31%
Average Monroe County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peterman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36471 | 0.12% | 0.20% | 0.31% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Peterman, Alabama
In Peterman, 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 Monroe 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 Peterman, 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 Peterman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $196.00 in zip code 36471, while the lowest is also $196.00 in the same zip code.
Average Peterman Assessed Value
$62,890
Average Monroe County Assessed Value
$87,150
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Peterman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36471 | $19,126 | $33,245 | $62,890 | $110,025 | $170,734 |
Source: Ownwell
Property Tax Bills Across Peterman, Alabama
In Peterman, Monroe County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value, reflecting local real estate trends. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. For homeowners in Peterman, the median home price is $62,890. Property tax bills vary significantly, with the 25th percentile at $98, the 75th percentile at $347, and the 90th percentile reaching $617. The highest median tax bill recorded in the area is $196, matching the lowest, indicating a relatively narrow range in tax burdens. Compared to the national median property tax rate of 0.99%, Peterman’s rates are quite modest. This relatively low tax burden can make homeownership more affordable but may also reflect fewer public services funded through property taxes. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Peterman Tax Bill
$196
Average Monroe County Tax Bill
$316
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Peterman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36471 | $34 | $98 | $196 | $347 | $617 |
Source: Ownwell