Albany, Mitchell County, Georgia Property Taxes
The median property tax rate in Albany, GA is 1.39%, considerably higher than both the national median of 0.99% and the Georgia state median of 1.08%. With the median home value in Albany, the typical annual property tax bill reaches $776, which is lower than the national median of $2,690. Property taxes in Albany are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the 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, Mitchell County, Georgia Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$775
$719
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, Mitchell County, 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 1.39%, significantly 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 1.39%, while the same 31705 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Mitchell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.39%
Average Mitchell County Tax Rate
1.39%
Average Georgia Tax Rate
1.08%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Mitchell County, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31705 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Mitchell County, 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 local 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. Assessment notices in Albany 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. For instance, the highest median tax bill in Albany is $776 in the 31705 zip code, while the lowest median tax bill is also $776 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Albany, Mitchell County, Georgia
Source: Ownwell
$55,748
$90,047
$124,345
Average Albany Assessed Value
$55,748
Average Mitchell County Assessed Value
$70,760
Average Georgia Assessed Value
$231,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Mitchell County, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31705 | $19,836 | $30,394 | $55,748 | $111,602 | $165,609 |
Source: Ownwell
Property Tax Bills Across Albany, Mitchell County, Georgia
In Albany, GA, located in Mitchell County, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the county tax assessor. Homeowners in Albany can expect a range of property tax bills depending on the value of their property. For instance, the 25th percentile tax bill is around $423, while the 75th percentile tax bill climbs to $1553. At the 90th percentile, property tax bills can reach up to $2305. The median home price in Albany is $55,748, which influences the overall tax bill homeowners may face. The highest and lowest median tax bills in the area are both $776, specifically in the zip code 31705, which highlights a relatively stable tax environment. Compared to the national median property tax rate of 0.99%, Albany's property taxes can be seen as moderate, providing a balanced financial impact on homeowners in the region.
Average Albany Tax Bill
$776
Average Mitchell County Tax Bill
$1,122
Average Georgia Tax Bill
$2,212
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Mitchell County, Georgia
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 31705 | $276 | $423 | $776 | $1,553 | $2,305 |
Source: Ownwell