Malcolm, Alabama Property Taxes
The median property tax rate in Malcolm, AL is 0.30%, significantly lower than both the national median of 0.99% and Alabama's state median of 0.47%. With a median home value of $54,000 in Malcolm, the typical annual property tax bill is around $199, far below the national median of $2,690. Property taxes in Malcolm 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 Malcolm'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 Malcolm or elsewhere in the vicinity, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Malcolm, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$162
Ownwell’s Malcolm Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malcolm with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malcolm 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 Malcolm, Alabama
Property taxes in Malcolm, Alabama, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Malcolm is 0.33%, significantly lower than both the Alabama state median of 0.37% and the U.S. national median of 0.99%. Local government entities within Malcolm set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malcolm 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 Malcolm'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 0.66%, while the lowest median tax rate is 0.16%. Understanding how these cities compare with Malcolm 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 Malcolm 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 Malcolm, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36556 | 0.25% | 0.29% | 0.30% | 0.36% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Malcolm, Alabama
In Malcolm, 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. In Malcolm, 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 Malcolm helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Malcolm is $199 in zip code 36556, while the lowest median tax bill is also $199 in the same zip code.
Average Malcolm Assessed Value
$54,000
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 Malcolm, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36556 | $16,480 | $25,500 | $54,000 | $104,600 | $164,320 |
Source: Ownwell
Property Tax Bills Across Malcolm, Alabama
In Malcolm, 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 Malcolm stands at $54,000. Homeowners pay property taxes that are influenced by various factors, including the assessed value of the property and the local tax rate. The tax bill can vary significantly, with the 25th percentile at $91 and the 75th percentile reaching $390. For those at the 90th percentile, the tax bill can be as high as $517. The property tax rate in Malcolm is notably lower than the national median property tax rate of 0.99%. This lower tax rate provides some financial relief to homeowners, making it more affordable to own property in this area. However, the exact amount a homeowner will pay can still vary depending on the specific assessed value of their property and any applicable exemptions or deductions. This system ensures that property taxes are relatively equitable, reflecting the value of the property and the ability of the homeowner to pay.
Average Malcolm Tax Bill
$199
Average Washington County Tax Bill
$215
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Malcolm, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36556 | $71 | $91 | $199 | $390 | $517 |
Source: Ownwell