Fayette, Alabama Property Taxes
The median property tax rate in Fayette, AL is 0.27%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $123,120 in Fayette, the typical annual property tax bill is around $359, far below the national median of $2,690. Property taxes in Fayette are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Fayette'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 Fayette or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fayette, 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 Fayette Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette to estimate your property tax bill. This valuable 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 Fayette, Alabama
Property taxes in Fayette, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 0.27%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette'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 Shelby County, with a rate of 0.43%, while the lowest median tax rate is in Crenshaw County, at 0.16%. Understanding how these counties compare with Fayette provides valuable insights into the varying tax landscape across Alabama, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
0.27%
Average Pickens County Tax Rate
0.37%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | 0.22% | 0.25% | 0.27% | 0.30% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fayette, Alabama. 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 local 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 Fayette, 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 Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill of $359 is found in zip code 35555, matching the lowest median tax bill, which also stands at $359 in the same zip code.
Average Fayette Assessed Value
$123,120
Average Pickens County Assessed Value
$97,900
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $63,420 | $96,580 | $123,120 | $278,960 | $439,200 |
Source: Ownwell
Property Tax Bills Across Fayette, Alabama
In Fayette, AL, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. For homeowners in Fayette, the median home price is $123,120. The property tax rate in this area is applied to the assessed value to determine the annual tax bill. The tax bill can vary significantly depending on the specific characteristics and value of the property. For instance, homeowners in the 25th percentile can expect a tax bill of around $259, while those in the 75th percentile might pay about $707. At the higher end, in the 90th percentile, the tax bill can reach up to $1,315. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how property tax bills are calculated can help homeowners in Fayette better manage their finances and anticipate annual expenses. The national median property tax rate is 0.99%, providing a context for comparison.
Average Fayette Tax Bill
$359
Average Pickens County Tax Bill
$403
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $152 | $259 | $359 | $707 | $1,315 |
Source: Ownwell