Boykin, Alabama Property Taxes
The median property tax rate in Boykin, AL is 0.36%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $124,725 in Boykin, the typical annual property tax bill is $345, well below the national median of $2,690. Property taxes in Boykin 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 Boykin'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 Boykin 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
Boykin, 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 Boykin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boykin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boykin 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 Boykin, Alabama
Property taxes in Boykin, Alabama, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boykin is 0.36%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Boykin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boykin 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 Boykin'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 0.21%. Understanding how these cities compare with Boykin provides valuable insights into the varying tax landscape across Wilcox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boykin Tax Rate
0.36%
Average Wilcox County Tax Rate
0.36%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boykin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36723 | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Boykin, Alabama
In Boykin, 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 Wilcox 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 Boykin, 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 Boykin 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 36723 at $345, which is also the lowest median tax bill in the area.
Average Boykin Assessed Value
$124,725
Average Wilcox County Assessed Value
$99,190
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boykin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36723 | $101,433 | $110,168 | $124,725 | $139,282 | $148,017 |
Source: Ownwell
Property Tax Bills Across Boykin, Alabama
In Boykin, Alabama, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessment ratio in Alabama is typically 10% of the market value for residential properties. For instance, with a median home price of $124,725 in Boykin, the assessed value would be approximately $12,473. The property tax rate in Wilcox County is then applied to this assessed value to determine the tax bill. Several factors influence the property tax bill, including the market value of the home, the assessment ratio, and the local tax rate. In Boykin, the median property tax bill is $345, which is significantly lower than the national median property tax rate of 0.99%. This lower rate can be beneficial for homeowners, resulting in more affordable annual tax payments. However, it also means that local government services may be less well-funded compared to regions with higher property tax rates.
Average Boykin Tax Bill
$345
Average Wilcox County Tax Bill
$331
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Boykin, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36723 | $345 | $345 | $345 | $345 | $345 |
Source: Ownwell