Coy, Alabama Property Taxes
The median property tax rate in Coy, Alabama is 0.32%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Coy at $74,340, the typical annual property tax bill is $230, well below the national median of $2,690. Property taxes in Coy 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 Coy’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 Coy 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
Coy, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$238
Ownwell’s COY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COY 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 Coy, Alabama
Property taxes in COY, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in COY is 0.32%, significantly lower than both the Alabama state median of 0.33% and the U.S. national median of 0.99%. Local government entities within COY set these rates annually, and they can vary significantly across different neighborhoods. Each year, COY 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 COY's effective property tax rate to other counties in Alabama and the national median. Understanding how COY compares with other areas 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 Coy Tax Rate
0.32%
Average Wilcox County Tax Rate
0.36%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36435 | 0.21% | 0.26% | 0.32% | 0.37% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Coy, Alabama
In Coy, 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 Coy, 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. Coy has a median home price of $74,340, with tax bills ranging from $154 at the 25th percentile to $573 at the 90th percentile. 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 Coy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coy Assessed Value
$74,340
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 Coy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36435 | $32,531 | $48,575 | $74,340 | $125,050 | $178,402 |
Source: Ownwell
Property Tax Bills Across Coy, Alabama
In Coy, Wilcox County, AL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the market value of the property. Homeowners in Coy can expect their tax bills to vary significantly depending on their property's assessed value and the specific tax rate applied. For instance, the median home price in Coy is $74,340. Homeowners at the 25th percentile of tax bills pay around $154 annually, while those at the 75th percentile pay approximately $390. At the 90th percentile, tax bills can reach up to $573. These figures indicate that property taxes in Coy can range widely, impacting homeowners differently based on their property’s assessed value. The highest and lowest median tax bills in Coy are both recorded at $230, highlighting a relatively consistent tax burden across different properties. Compared to the national median property tax rate of 0.99%, Coy’s property tax rates are significantly lower, offering some relief to homeowners.
Average Coy Tax Bill
$230
Average Wilcox County Tax Bill
$331
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Coy, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36435 | $98 | $154 | $230 | $390 | $573 |
Source: Ownwell