Banks, Pike County, Alabama Property Taxes
The median property tax rate in Banks, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Banks at $97,000, the typical annual property tax bill is $293, far below the national median of $2,690. Property taxes in Banks are calculated based on the tax assessed value, which is often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Banks or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Banks, Pike County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$291
$270
Ownwell’s Banks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Banks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Banks 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 Banks, Pike County, Alabama
Property taxes in Banks, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banks is 0.33%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banks 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 Banks' effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the area is 0.33%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Banks provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Banks Tax Rate
0.30%
Average Pike County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banks, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | 0.14% | 0.23% | 0.30% | 0.35% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Banks, Pike County, Alabama
In Banks, 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 Pike 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 Banks, 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 Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Banks is $293, both in the 36005 zip code.
Property Tax Assessment Values Across Banks, Pike County, Alabama
Source: Ownwell
$57,720
$102,410
$147,100
Average Banks Assessed Value
$97,000
Average Pike County Assessed Value
$106,920
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Banks, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | $29,560 | $56,010 | $97,000 | $159,630 | $250,644 |
Source: Ownwell
Property Tax Bills Across Banks, Pike County, Alabama
In Banks, located in Pike County, AL, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Factors such as the property's location, size, and condition play a significant role in determining this value. The median home price in Banks is $97,000, and the median property tax bill is $293. This is considerably lower than the national median property tax rate of 0.99%. Homeowners in Banks can expect their tax bills to vary depending on their property's assessed value. For example, the tax bill at the 25th percentile is $157, while at the 75th percentile, it rises to $492. At the 90th percentile, the tax bill can reach up to $775. These property tax bills directly impact homeowners by influencing their annual housing costs, potentially affecting their overall financial planning and homeownership affordability.
Average Banks Tax Bill
$293
Average Pike County Tax Bill
$420
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Banks, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36005 | $74 | $157 | $293 | $492 | $775 |
Source: Ownwell