Fosters, Alabama Property Taxes
The median property tax rate in Fosters, AL is 0.35%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $144,700, the typical annual property tax bill in Fosters amounts to $522, well below the national median of $2,690. Property taxes in Fosters are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fosters' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fosters 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
Fosters, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Fosters Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fosters with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fosters 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 Fosters, Alabama
Property taxes in Fosters, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fosters is 0.35%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Fosters set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fosters 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 Fosters' 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 0.55%, while the lowest median tax rate is 0.15%. Understanding how these cities compare with Fosters 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 Fosters Tax Rate
0.35%
Average Tuscaloosa County Tax Rate
0.46%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fosters, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35463 | 0.25% | 0.30% | 0.35% | 0.39% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Fosters, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fosters, Alabama. 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 Fosters, 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. For instance, the median home price in Fosters is $144,700, with tax bills ranging from $336 at the 25th percentile to $1,192 at the 90th percentile. The zip code with the highest and lowest median tax bill is 35463, both at $522. 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 the tax burden.
Average Fosters Assessed Value
$144,700
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 Fosters, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35463 | $44,900 | $86,700 | $144,700 | $204,300 | $313,400 |
Source: Ownwell
Property Tax Bills Across Fosters, Alabama
In Fosters, 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 Fosters is $144,700. Homeowners in the area can expect their tax bills to vary significantly, with the 25th percentile paying around $336, while those in the 75th percentile see bills closer to $835. The highest median tax bill recorded in the region is $522, specifically in the 35463 zip code. The property tax rate in Fosters is influenced by local government budgets and the needs of the community, including public services like schools and infrastructure. This rate is then applied to the assessed value of the property to determine the final tax bill. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense. Compared to the national median property tax rate of 0.99%, Fosters' rates impact homeowners differently based on the assessed values and local tax policies.
Average Fosters Tax Bill
$522
Average Tuscaloosa County Tax Bill
$736
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Fosters, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35463 | $149 | $336 | $522 | $835 | $1,192 |
Source: Ownwell