Furman, Alabama Property Taxes
The median property tax rate in Furman, Alabama is 0.33%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With a median home value of $90,730, the typical annual property tax bill in Furman is just $182, far below the national median of $2,690. Property taxes in Furman are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Furman'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 Furman or another part of Wilcox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Furman, Alabama Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$299
$278
Ownwell’s Furman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Furman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Furman 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 Furman, Alabama
Property taxes in Furman, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Furman is 0.33%, significantly lower than the U.S. national median of 0.99%. Local government entities within Furman set these rates annually, and they can vary across different neighborhoods. Each year, Furman 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. Understanding how Furman's property tax rate compares with other regions 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 Furman Tax Rate
0.33%
Average Wilcox County Tax Rate
0.36%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Furman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36741 | 0.14% | 0.20% | 0.33% | 0.35% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Furman, Alabama
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Furman, 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 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 Furman, 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. Furman’s median home price stands at $90,730, with the 25th percentile tax bill at $113 and the 75th percentile tax bill at $725. The highest and lowest median tax bills both occur in zip code 36741, amounting to $182. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Furman Assessed Value
$90,730
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 Furman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36741 | $36,634 | $44,530 | $90,730 | $219,360 | $443,442 |
Source: Ownwell
Property Tax Bills Across Furman, Alabama
In Furman, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. For instance, if the median home price is $90,730, the assessed value might be a fraction of this amount. The tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Furman, homeowners can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $113, while at the 75th percentile, they can reach up to $725. For those at the 90th percentile, the tax bill may be as high as $1,532. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated and what influences them can help homeowners better manage their finances and plan for future expenses.
Average Furman Tax Bill
$182
Average Wilcox County Tax Bill
$331
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Furman, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36741 | $74 | $113 | $182 | $725 | $1,532 |
Source: Ownwell