Margaret, Alabama Property Taxes
The median property tax rate in Margaret, AL is 0.33%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Margaret, the typical annual property tax bill is $560, well below the national median of $2,690. Property taxes in Margaret are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Margaret'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 Margaret 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
Margaret, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$495
Ownwell’s Margaret Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Margaret with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Margaret to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, allowing for better financial planning. For those interested in seeing trends at a neighborhood level, more localized information is available below. Your property’s assessed value, assigned by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Margaret, Alabama
Property taxes in Margaret, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Margaret is 0.33%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Margaret set these rates annually, and they can vary significantly across different neighborhoods. Each year, Margaret 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 Margaret's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the state is 0.66%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Margaret provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Margaret Tax Rate
0.33%
Average St. Clair County Tax Rate
0.35%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Margaret, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35112 | 0.33% | 0.33% | 0.33% | 0.33% | 0.33% |
Source: Ownwell
Property Tax Assessment Values Across Margaret, Alabama
In Margaret, 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 St. Clair 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 Margaret, 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 Margaret helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bills is 35112, with a median tax bill of $560.
Average Margaret Assessed Value
$149,950
Average St. Clair County Assessed Value
$169,020
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Margaret, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35112 | $134,830 | $140,500 | $149,950 | $159,400 | $165,070 |
Source: Ownwell
Property Tax Bills Across Margaret, Alabama
In Margaret, located in St. Clair County, AL, 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 Margaret is $149,950, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the home's market value, local tax rates, and any applicable exemptions. For homeowners in Margaret, the property tax bills typically range around $560, regardless of the home's value, as evidenced by the consistent tax bill amounts at the 25th, 75th, and 90th percentiles. This uniform rate simplifies budgeting for property owners and ensures predictability in annual expenses. Compared to the national median property tax rate of 0.99%, Margaret's rate results in a relatively modest tax bill, making it an attractive location for homeowners seeking affordability. This lower tax burden can significantly impact homeowners' financial planning and long-term investment in their properties.
Average Margaret Tax Bill
$560
Average St. Clair County Tax Bill
$648
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Margaret, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35112 | $560 | $560 | $560 | $560 | $560 |
Source: Ownwell