Albany, Georgia Property Taxes
The median property tax rate in Albany, GA is 1.11%, slightly higher than both the national median of 0.99% and Georgia's state median of 1.08%. With a median home value of $191,685 in Albany, the typical annual property tax bill amounts to $2,079, which is below the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Albany'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 Albany 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
Albany, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$2,128
$1,974
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Georgia
Property taxes in Albany, Georgia, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany is 1.11%, higher than both the Georgia state median and the U.S. national median of 0.99%. Local government entities within Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Georgia and the national median. For comparison, the 31705 zip code has the highest median property tax rate of 1.13%, while the 31707 zip code has the lowest median tax rate of 1.11%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.11%
Average Lee County Tax Rate
1.13%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31701 | 1.08% | 1.10% | 1.13% | 1.13% | 1.13% |
| 31705 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| 31707 | 1.04% | 1.09% | 1.11% | 1.13% | 1.13% |
| 31721 | 1.09% | 1.10% | 1.11% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Georgia
In Albany, Georgia, 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 Lee 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 Albany, 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. The zip code 31721 has the highest median tax bill at $2,389, while zip code 31701 has the lowest at $1,983. Being aware of these valuation processes in Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$191,685
Average Lee County Assessed Value
$158,600
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31701 | $110,312 | $131,150 | $177,800 | $194,472 | $210,897 |
| 31705 | $2,706 | $4,241 | $5,138 | $7,523 | $11,734 |
| 31707 | $124,498 | $151,875 | $201,545 | $251,850 | $296,580 |
| 31721 | $138,929 | $161,250 | $224,600 | $279,300 | $321,588 |
Source: Ownwell
Property Tax Bills Across Albany, Georgia
Property tax bills in Albany, Lee County, GA, are calculated based on the assessed value of a property, which is typically a percentage of its market value. For example, with a median home price of $191,685, various factors like location, property size, and improvements are considered to determine the assessed value. The local tax rate is then applied to this assessed value to calculate the tax bill. Homeowners in Albany experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $1,633, while at the 75th percentile, it rises to around $2,696. At the higher end, the 90th percentile tax bill can reach up to $3,319. Notably, the highest median tax bill in the area is found in the 31721 zip code, at $2,389, whereas the lowest is in the 31701 zip code, at $1,983. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Albany Tax Bill
$2,079
Average Lee County Tax Bill
$1,734
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31701 | $1,197 | $1,445 | $1,983 | $2,165 | $2,352 |
| 31705 | $31 | $48 | $58 | $85 | $133 |
| 31707 | $1,327 | $1,625 | $2,220 | $2,745 | $3,243 |
| 31721 | $1,440 | $1,732 | $2,389 | $3,044 | $3,555 |
Source: Ownwell