Elrod, Alabama Property Taxes
The median property tax rate in Elrod, Alabama is 0.24%, considerably lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Elrod at $113,200, the typical annual property tax bill reaches $327, far below the national median of $2,690. Property taxes in Elrod 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 Elrod'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 Elrod 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
Elrod, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.24%
Estimate Property Tax Bill
$272
$252
Ownwell’s ELROD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELROD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELROD 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 Elrod, Alabama
Property taxes in Elrod, Alabama, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Elrod is 0.24%, which is significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities in Elrod set these rates annually, and they can vary across different neighborhoods. Each year, Elrod estimates its required budget to maintain services for the upcoming fiscal year. This budget is then divided 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. Comparing Elrod's effective property tax rate to other counties in Alabama and the national median provides valuable insights into the varying tax landscape across Tuscaloosa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elrod Tax Rate
0.24%
Average Tuscaloosa County Tax Rate
0.46%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elrod, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35458 | 0.15% | 0.20% | 0.24% | 0.53% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Elrod, Alabama
In Elrod, 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 Tuscaloosa 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 Elrod, 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 Elrod helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Elrod is $327.00 in zip code 35458, while the lowest is also $327.00 in the same zip code.
Average Elrod Assessed Value
$113,200
Average Tuscaloosa County Assessed Value
$160,600
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elrod, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35458 | $41,600 | $68,925 | $113,200 | $184,950 | $328,050 |
Source: Ownwell
Property Tax Bills Across Elrod, Alabama
In Elrod, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Elrod is $113,200. To determine your tax bill, the local tax rate is applied to this assessed value. For instance, in Tuscaloosa County, the median property tax bill is around $327, which falls significantly below the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, home improvements, and applicable exemptions. Homeowners in Elrod can expect their tax bills to range from $173 at the 25th percentile to $896 at the 90th percentile, depending on these factors. This variability means that while some homeowners benefit from lower tax bills, others may face higher costs, impacting their overall financial planning. Understanding these elements is crucial for homeowners to manage their expenses and anticipate future tax liabilities effectively.
Average Elrod Tax Bill
$327
Average Tuscaloosa County Tax Bill
$736
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Elrod, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35458 | $74 | $173 | $327 | $568 | $896 |
Source: Ownwell