Total rates vary depending on the location of the property. Property tax rates are represented in “mills,” a unit equal to one tenth of a percent (so 1% equals 10 mills). Financial advisors can help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future. If you’re considering becoming a homeowner in Alabama or are looking into refinancing a property there, check out our Alabama mortgage guide for important information about getting mortgages and details about mortgage rates in the Yellowhammer State.Ī financial advisor in Alabama can help you understand how homeownership can fit into your overall financial goals. If that home was subject to a total property tax rate of 30 mills, the total annual property tax would be $600 ($20,000 x ). So, for example, a home with an appraised value of $200,000 would have an assessed value of $20,000 (10% of $200,000). Taxes are based on property’s value, although actual millage rates apply to “assessed” value, which varies depending on the primary use of the property.įor residential property, the assessed value is 10% of the appraised, or market, value. 1 of each year and any taxes unpaid as of Dec.

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