Millry, Alabama Property Taxes
The median property tax rate in Millry, AL is 0.29%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $86,300 in Millry, the typical annual property tax bill amounts to $224, far below the national median of $2,690. Property taxes in Millry 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 Millry'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 Millry 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
Millry, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$250
$232
Ownwell’s Millry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Millry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Millry 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 Millry, Alabama
Property taxes in Millry, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Millry is 0.33%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Millry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Millry 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 Millry's effective property tax rate to other counties in Alabama and the national median. For comparison, ZIP code 36558 has the highest median property tax rate of 0.33%, while ZIP code 36558 has the lowest median tax rate of 0.33%. Understanding how these cities compare with Millry 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 Millry Tax Rate
0.29%
Average Washington County Tax Rate
0.30%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | 0.19% | 0.24% | 0.29% | 0.32% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Millry, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Millry, Alabama. 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 Millry, 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. For example, the median home price in Millry is $86,300, and the tax bill for the 25th percentile is $117, while the 75th percentile is $423. The highest median tax bill in Millry is $224, found in zip code 36558, which also has the lowest median tax bill of $224. 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 Millry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Millry Assessed Value
$86,300
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 Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | $25,200 | $43,725 | $86,300 | $156,375 | $217,210 |
Source: Ownwell
Property Tax Bills Across Millry, Alabama
Property tax bills in Millry, Washington County, AL, are calculated based on the assessed value of the property, which is a percentage of the market value. Homeowners in this region typically experience property tax rates that are significantly lower than the national median property tax rate of 0.99%. For instance, the median home price in Millry is $86,300, and the property tax bill can vary widely. At the 25th percentile, homeowners might pay around $117, while those at the 75th percentile could see bills as high as $423. At the 90th percentile, the tax bill can reach up to $625. These variations are influenced by factors such as property improvements, neighborhood developments, and changes in market conditions. For homeowners, understanding these factors is crucial as they directly impact the annual tax burden. Although the highest and lowest median tax bills in Millry are both reported at $224, it's important for homeowners to stay informed about their property's assessed value and any potential changes in local tax policies.
Average Millry Tax Bill
$224
Average Washington County Tax Bill
$215
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Millry, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36558 | $72 | $117 | $224 | $423 | $625 |
Source: Ownwell