Oakman, Alabama Property Taxes
The median property tax rate in Oakman, Alabama is 0.24%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Oakman at $80,200, the typical annual property tax bill is $209, well below the national median of $2,690. Property taxes in Oakman are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oakman'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 Oakman or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakman, 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 Oakman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakman 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 Oakman, Alabama
Property taxes in Oakman, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakman is 0.37%, which is significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Oakman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakman 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 Oakman's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in Alabama is 0.58%, while the lowest median tax rate is 0.20%. Understanding how these cities compare with Oakman provides valuable insights into the varying tax landscape across Walker County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakman Tax Rate
0.24%
Average Walker County Tax Rate
0.31%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35579 | 0.16% | 0.20% | 0.24% | 0.40% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Oakman, Alabama
In Oakman, 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 Walker 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 Oakman, 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 Oakman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $209 in the 35579 zip code, highlighting the uniformity in tax assessments within the region.
Average Oakman Assessed Value
$80,200
Average Walker County Assessed Value
$97,400
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35579 | $24,260 | $44,800 | $80,200 | $144,300 | $208,140 |
Source: Ownwell
Property Tax Bills Across Oakman, Alabama
In Oakman, property tax bills are calculated based on the assessed value of the property, which is determined by the Walker County tax assessor. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $80,200, the assessed value is used to compute the tax bill. Various factors influence this calculation, including property size, location, and any improvements made to the property. Homeowners in Oakman can expect a range of property tax bills. At the 25th percentile, the tax bill is around $114, while at the 75th percentile, it rises to $368. For those at the 90th percentile, the tax bill can reach up to $566. These figures indicate a broad spectrum of potential tax liabilities, depending on the specific characteristics of the property. Compared to the national median property tax rate of 0.99%, Oakman's rates reflect a localized approach to property taxation, impacting homeowners differently based on their property's assessed value and other contributing factors.
Average Oakman Tax Bill
$209
Average Walker County Tax Bill
$298
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 35579 | $55 | $114 | $209 | $368 | $566 |
Source: Ownwell