Frankville, Alabama Property Taxes
The median property tax rate in Frankville, Alabama is 0.30%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $61,900 in Frankville, the typical annual property tax bill amounts to $164, far below the national median of $2,690. Property taxes in Frankville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Frankville'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 Frankville 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
Frankville, 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 Frankville Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankville with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Frankville to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, ensuring you are well-informed. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Frankville, Alabama
Property taxes in Frankville, Alabama, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankville is 0.33%, significantly lower than both the Alabama state median of 0.40% and the U.S. national median of 0.99%. Local government entities within Frankville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankville 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 Frankville's effective property tax rate to other counties in Alabama and the national median. For comparison, the highest median property tax rate in the county is 0.45%, while the lowest median tax rate is 0.30%. Understanding how these cities compare with Frankville provides valuable insights into the varying tax landscape across 01129, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankville 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 Frankville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36538 | 0.16% | 0.23% | 0.30% | 0.34% | 0.41% |
Source: Ownwell
Property Tax Assessment Values Across Frankville, Alabama
In Frankville, 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 Frankville, 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 Frankville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $164.00 in zip code 36538, while the lowest median tax bill is also $164.00 in the same zip code.
Average Frankville Assessed Value
$61,900
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 Frankville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36538 | $19,480 | $34,500 | $61,900 | $113,400 | $174,120 |
Source: Ownwell
Property Tax Bills Across Frankville, Alabama
In Frankville, Washington County, 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 Frankville is $61,900. Property tax rates in this area are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Frankville can expect a tax bill ranging from $99 at the 25th percentile to $288 at the 75th percentile, with the 90th percentile reaching up to $471. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For instance, the highest median tax bill in the area is $164, found in the 36538 zip code. These tax bills impact homeowners by contributing to the overall cost of homeownership, influencing decisions on buying or selling property, and affecting the affordability of living in the area. Despite the relatively low tax rates, understanding these factors can help homeowners manage their expenses more effectively.
Average Frankville Tax Bill
$164
Average Washington County Tax Bill
$215
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankville, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36538 | $59 | $99 | $164 | $288 | $471 |
Source: Ownwell