Troy, Pike County, Alabama Property Taxes
The median property tax rate in Troy, AL is 0.36%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With the median home value in Troy at $126,430, the typical annual property tax bill amounts to $518, far below the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Troy’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 Troy or another part of Pike County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Troy, Pike County, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$455
$422
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Pike County, Alabama
Property taxes in Troy, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 0.31%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary across different neighborhoods. Each year, Troy 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 Troy'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 0.77%, while the lowest median tax rate is 0.16%. Understanding how these cities compare with Troy 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 Troy Tax Rate
0.36%
Average Pike County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36079 | 0.20% | 0.29% | 0.35% | 0.39% | 0.70% |
| 36081 | 0.25% | 0.32% | 0.37% | 0.74% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Pike County, Alabama
In Troy, 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Troy is $565 in the 36079 zip code, while the lowest median tax bill is $493 in the 36081 zip code.
Property Tax Assessment Values Across Troy, Pike County, Alabama
Source: Ownwell
$57,720
$102,410
$147,100
Average Troy Assessed Value
$126,430
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 Troy, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36079 | $37,812 | $73,430 | $147,100 | $214,890 | $296,152 |
| 36081 | $29,980 | $60,060 | $113,840 | $176,560 | $248,660 |
Source: Ownwell
Property Tax Bills Across Troy, Pike County, Alabama
In Troy, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners in Troy, the median home price is $126,430. Property tax rates in Troy vary, leading to different tax bills across the city. For instance, the 25th percentile tax bill is $240, while the 75th percentile tax bill is $809, and the 90th percentile reaches $1,158. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Troy should be aware that their property tax bills can fluctuate based on changes in property values and local tax policies. Compared to the national median property tax rate of 0.99%, Troy's property tax rates can represent a significant financial consideration for homeowners.
Average Troy Tax Bill
$518
Average Pike County Tax Bill
$420
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Pike County, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36079 | $105 | $252 | $565 | $847 | $1,202 |
| 36081 | $104 | $232 | $493 | $785 | $1,122 |
Source: Ownwell