Cottonton, Alabama Property Taxes
The median property tax rate in Cottonton, AL is 0.36%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With a median home value of $62,367 in Cottonton, the typical annual property tax bill is around $225, well below the national median of $2,690. Property taxes in Cottonton are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Cottonton'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 Cottonton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cottonton, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$225
$208
Ownwell’s Cottonton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottonton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottonton 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 Cottonton, Alabama
Property taxes in Cottonton, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottonton is 0.36%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Cottonton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottonton 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 Cottonton's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the region is 0.66% in a neighboring area, while another nearby area has the lowest median tax rate of 0.29%. Understanding how these cities compare with Cottonton provides valuable insights into the varying tax landscape across Russell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottonton Tax Rate
0.36%
Average Russell County Tax Rate
0.55%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottonton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36851 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Cottonton, Alabama
In Cottonton, 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 Russell 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. Assessment notices in Cottonton 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 Cottonton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 36851 has both the highest and lowest median tax bills, set at $225.00, indicating a uniformity in tax bills across the area.
Average Cottonton Assessed Value
$62,367
Average Russell County Assessed Value
$115,149
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottonton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36851 | $62,367 | $62,367 | $62,367 | $62,367 | $62,367 |
Source: Ownwell
Property Tax Bills Across Cottonton, Alabama
In Cottonton, Russell County, AL, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by local tax assessors. For homeowners in Cottonton, the median home price is $62,367, and property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In Cottonton, the tax bill remains consistent across different percentiles, with the 25th, 75th, and 90th percentiles all having a tax bill of $225. This uniformity suggests a stable tax environment for homeowners, making it easier to predict annual expenses. Compared to the national median property tax rate of 0.99%, Cottonton's property tax rate ensures that homeowners face relatively low tax burdens. This can make owning property in Cottonton more affordable and financially manageable, contributing to long-term homeownership stability.
Average Cottonton Tax Bill
$225
Average Russell County Tax Bill
$625
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottonton, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36851 | $225 | $225 | $225 | $225 | $225 |
Source: Ownwell