Letohatchee, Alabama Property Taxes
The median property tax rate in Letohatchee, AL is 0.39%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $188,200 in Letohatchee, the typical annual property tax bill amounts to $658, which is well below the national median of $2,690. Property taxes in Letohatchee are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Letohatchee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Letohatchee or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Letohatchee, 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 Letohatchee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Letohatchee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Letohatchee 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 Letohatchee, Alabama
Property taxes in Letohatchee, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Letohatchee is 0.31%, which is lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Letohatchee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Letohatchee 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 Letohatchee's effective property tax rate to other counties in Alabama and the national median. For comparison, 35203 has the highest median property tax rate of 0.66%, while 36027 has the lowest median tax rate of 0.23%. Understanding how these cities compare with Letohatchee provides valuable insights into the varying tax landscape across Lowndes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Letohatchee Tax Rate
0.39%
Average Montgomery County Tax Rate
0.48%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Letohatchee, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36047 | 0.22% | 0.33% | 0.39% | 0.62% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Letohatchee, Alabama
In Letohatchee, 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 Montgomery 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 Letohatchee, 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 Letohatchee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Letohatchee is $188,200, with tax bills ranging from $372 at the 25th percentile to $1,620 at the 90th percentile. The highest and lowest median tax bills are both $658 in the 36047 zip code.
Average Letohatchee Assessed Value
$188,200
Average Montgomery County Assessed Value
$131,500
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Letohatchee, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36047 | $46,840 | $90,450 | $188,200 | $272,550 | $355,290 |
Source: Ownwell
Property Tax Bills Across Letohatchee, Alabama
In Letohatchee, Montgomery County, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The process considers factors such as the market value of the home and any applicable exemptions or reductions. For instance, with a median home price of $188,200, homeowners in Letohatchee could expect to pay a tax bill ranging from $372 at the 25th percentile to $1,620 at the 90th percentile. The median tax bill in the area stands at $658, which is below the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making housing more affordable. However, it also means that local governments may have fewer resources for public services, which can affect community amenities and infrastructure. Understanding these factors can help homeowners better anticipate their annual expenses and plan accordingly.
Average Letohatchee Tax Bill
$658
Average Montgomery County Tax Bill
$782
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Letohatchee, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36047 | $213 | $372 | $658 | $1,001 | $1,620 |
Source: Ownwell