Chatom, Alabama Property Taxes
The median property tax rate in Chatom, AL is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Chatom at $97,600, the typical annual property tax bill is $281, well below the national median of $2,690. Property taxes in Chatom 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 Chatom'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 Chatom 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
Chatom, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$293
Ownwell’s Chatom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatom 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 Chatom, Alabama
Property taxes in Chatom, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatom 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 Chatom set these rates annually, and they can vary considerably across different neighborhoods. Each year, Chatom 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 Chatom's effective property tax rate to other counties in Alabama and the national median. For comparison, the zip code 36518 has the highest median property tax rate of 0.41%, while zip code 36513 has the lowest median tax rate of 0.30%. Understanding how these cities compare with Chatom provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chatom Tax Rate
0.30%
Average Washington County Tax Rate
0.30%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatom, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36518 | 0.20% | 0.25% | 0.30% | 0.34% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Chatom, Alabama
In Chatom, 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 Washington 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 Chatom, 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 Chatom helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 36518, with a bill of $281, which is significantly lower than the national median property tax rate of 0.99%.
Average Chatom Assessed Value
$97,600
Average Washington County Assessed Value
$82,400
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chatom, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36518 | $28,680 | $49,000 | $97,600 | $155,475 | $226,310 |
Source: Ownwell
Property Tax Bills Across Chatom, Alabama
In Chatom, Washington County, AL, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. Assessed value typically represents a percentage of the home's market value. For instance, if the median home price is $97,600, the assessed value might be a fraction of this amount, depending on local regulations. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors influencing the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Chatom might see a range of tax bills, with the 25th percentile at $147 and the 75th percentile at $452. The 90th percentile tax bill can go up to $663, reflecting variations in property values and exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Chatom generally experience lower tax bills, providing some financial relief. This system ensures that property taxes are proportionate to the value of one's property, impacting homeowners' annual expenses.
Average Chatom Tax Bill
$281
Average Washington County Tax Bill
$215
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Chatom, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36518 | $84 | $147 | $281 | $452 | $663 |
Source: Ownwell