Laceys Spring, Morgan County, Alabama Property Taxes
The median property tax rate in Laceys Spring, AL is 0.37%, notably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Laceys Spring at $149,100, the typical annual property tax bill amounts to $608, significantly below the national median of $2,690. Property taxes in Laceys Spring 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 Laceys Spring'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 Laceys Spring or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laceys Spring, Morgan County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$552
$512
Ownwell’s Lacey's Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacey's Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacey's 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, Morgan County, 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 0.37%, which is significantly 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 highest median property tax rate in Alabama is 0.41%, while the lowest median tax rate is 0.31%. Understanding how these cities compare with Laceys Spring provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laceys Spring Tax Rate
0.37%
Average Morgan County Tax Rate
0.40%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laceys Spring, Morgan County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | 0.24% | 0.32% | 0.37% | 0.42% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Laceys Spring, Morgan County, 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 Morgan 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. For instance, the median home price in the area is $149,100, with tax bills ranging from $324 at the 25th percentile to $1,513 at the 90th percentile. The zip code 35754 has both the highest and lowest median tax bill at $608. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Laceys Spring, Morgan County, Alabama
Source: Ownwell
$87,150
$206,800
$326,450
Average Laceys Spring Assessed Value
$149,100
Average Morgan County Assessed Value
$149,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laceys Spring, Morgan County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | $35,160 | $74,400 | $149,100 | $234,600 | $340,820 |
Source: Ownwell
Property Tax Bills Across Laceys Spring, Morgan County, Alabama
In Lacey's Spring, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $149,100. Homeowners will see their tax bills vary depending on several factors, including the assessed value, local tax rates, and any applicable exemptions. The tax bill at the 25th percentile is $324, while at the 75th percentile, it rises to $1,002. For those in the 90th percentile, the tax bill can go up to $1,513. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. In comparison to the national median property tax rate of 0.99%, Lacey's Spring residents experience a relatively moderate tax burden. Homeowners in the zip code 35754, which includes Lacey's Spring, face a median tax bill of $608, reflecting the area's balanced approach to property taxation.
Average Laceys Spring Tax Bill
$608
Average Morgan County Tax Bill
$697
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Laceys Spring, Morgan County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35754 | $123 | $324 | $608 | $1,002 | $1,513 |
Source: Ownwell