Fayette, Alabama Property Taxes
The median property tax rate in Fayette, Alabama is 0.23%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Fayette at $131,700, the typical annual property tax bill is $316, well below the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fayette'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 Fayette 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
Fayette, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.23%
Estimate Property Tax Bill
$303
Ownwell’s Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Alabama
Property taxes in Fayette, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 0.33%, significantly lower than both the Alabama state median of 0.41% and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Alabama and the national median. For comparison, zip code 36854 has the highest median property tax rate of 0.66%, while zip code 35126 has the lowest median tax rate of 0.18%. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Fayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
0.23%
Average Tuscaloosa County Tax Rate
0.46%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | 0.12% | 0.18% | 0.23% | 0.30% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Alabama
In Fayette, 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 local 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 Fayette, 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. The median home price in Fayette is $131,700, with tax bills ranging from $136 at the 25th percentile to $883 at the 90th percentile. Fayette's highest and lowest median tax bill is $316, found in the 35555 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Fayette Assessed Value
$131,700
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 Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $40,280 | $83,400 | $131,700 | $188,600 | $299,480 |
Source: Ownwell
Property Tax Bills Across Fayette, Alabama
In Fayette, Alabama, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Fayette is $131,700, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, home improvements, and exemptions can influence the assessed value. For homeowners in Fayette, property tax bills can vary significantly. The 25th percentile of tax bills is around $136, while the 75th percentile reaches $580, and the 90th percentile can be as high as $883. These variations highlight how different factors, including property size and value, impact tax amounts. Compared to the national median property tax rate of 0.99%, Fayette's property tax bills are relatively modest. However, they still represent a crucial part of homeownership costs, emphasizing the importance of understanding how these taxes are calculated and what influences them.
Average Fayette Tax Bill
$316
Average Tuscaloosa County Tax Bill
$736
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35555 | $83 | $136 | $316 | $580 | $883 |
Source: Ownwell