Kennedy, Alabama Property Taxes
The median property tax rate in Kennedy, AL is 0.24%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $69,900 in Kennedy, the typical annual property tax bill is $143, far below the national median of $2,690. Property taxes in Kennedy are calculated based on the tax assessed value, which usually falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Kennedy'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 Kennedy 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
Kennedy, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.24%
Estimate Property Tax Bill
$168
$156
Ownwell’s Kennedy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kennedy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kennedy 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 Kennedy, Alabama
Property taxes in Kennedy, Alabama, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Kennedy 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 within Kennedy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kennedy 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. Understanding how Kennedy's property tax rate compares with other areas in Tuscaloosa County and the national median offers valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Kennedy 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 Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | 0.20% | 0.21% | 0.24% | 0.27% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Kennedy, Alabama
In Kennedy, 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. Assessment notices in Kennedy 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 Kennedy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 35574 in Kennedy has the highest and lowest median tax bill, both at $143, reflecting the locality's property tax consistency.
Average Kennedy Assessed Value
$69,900
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 Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | $45,400 | $48,700 | $69,900 | $163,500 | $175,200 |
Source: Ownwell
Property Tax Bills Across Kennedy, Alabama
In Kennedy, located in Tuscaloosa County, AL, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is influenced by factors such as property size, location, and market conditions. Homeowners in Kennedy can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $119, while the 75th percentile reaches up to $336, and the 90th percentile can go as high as $453. Comparatively, the median home price in Kennedy is $69,900, which is relatively low when compared to national figures. The median property tax rate in the U.S. is 0.99%, but local rates and assessed values can result in different tax obligations. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs and long-term financial planning. Proper assessment and timely appeals can help in managing and potentially lowering the tax burden.
Average Kennedy Tax Bill
$143
Average Tuscaloosa County Tax Bill
$736
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Kennedy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35574 | $118 | $119 | $143 | $336 | $453 |
Source: Ownwell