Banks, Pike County, Alabama Property Taxes

Name: Property Tax Bills Across Banks, Pike County, Alabama
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Banks, AL effective property tax rate: 0.30%, significantly lower than the national median of 1.02%, but lower than the Alabama state median of 0.47%.
Median Banks, AL home value: $97,000
Median annual Banks, AL tax bill: $293, $2,107 lower than the national median property tax bill of $2,400.

How are property taxes in Pike calculated?

Property taxes in Banks, AL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Banks’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Banks, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Banks, Pike County, Alabama Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.3%

Estimate Property Tax Bill

$291

$270

Ownwell’s Banks Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Banks with just two data points. By entering your property's estimated assessed value, our calculator applies Banks’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Pike County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Banks, Pike County, Alabama

Local government entities set tax rates, which can vary significantly within Alabama. Each county estimates its required budget annually to provide essential services and divides that by the total value of all taxable properties within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the core process each year. In Banks, located in Pike County, the effective property tax rate is notably lower than the national median. Alabama's median property tax rate is among the lowest in the country, making it an attractive option for property owners. This state-wide trend is reflected in Banks, where property owners benefit from rates that are considerably below the national median. This can offer significant savings compared to other parts of the U.S. Understanding these rates can be crucial for homeowners in planning their finances and evaluating potential savings.

Property Tax Rates Across Banks, Pike County, Alabama

Source: Ownwell

0.23%

0.30%

0.37%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Banks Tax Rate

0.30%

Median Effective Pike County Tax Rate

0.35%

Median Effective Alabama Tax Rate

0.47%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Banks, Pike County, Alabama

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
36005	0.14%	0.23%	0.30%	0.35%	0.68%

Source: Ownwell

Property Tax Assessment Values Across Banks, Pike County, Alabama

When examining property taxes in Banks, Alabama, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. Pike County's assessment district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Pike County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Banks. For example, the median home price in Banks is $97,000, with tax bills ranging significantly across the county. Zip code 36005 has the highest median home price at $97,000.

Property Tax Assessment Values Across Banks, Pike County, Alabama

Source: Ownwell

$57,720

$102,410

$147,100

Median Banks Market Value

$97,000

Median Pike County Market Value

$106,920

Median Alabama Market Value

$149,600

Median United States Market Value

$235,294

Property Tax Assessment Values Across Banks, Pike County, Alabama

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
36005	$29,560	$56,010	$97,000	$159,630	$250,644

Source: Ownwell

Property Tax Bills Across Banks, Pike County, Alabama

In Banks, located in Pike County, Alabama, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Banks is $97,000, and property tax rates in this area are relatively low compared to the national median property tax rate of 1.02%. Homeowners in Banks can expect a median tax bill of around $293, significantly less than the national median property tax bill of $2,400. Factors such as the property's location, size, and improvements can influence the assessed value, impacting the final tax bill.

For homeowners looking to reduce their property tax expenses, Ownwell offers expert property tax appeal and exemption services. By analyzing property assessments and identifying discrepancies, Ownwell helps homeowners in Banks potentially lower their tax bills. With a deep understanding of local tax regulations, Ownwell provides personalized guidance, ensuring homeowners only pay their fair share. This can result in substantial savings, offering financial relief and peace of mind.

Property Tax Bills Across Banks, Pike County, Alabama

Source: Ownwell

$167

$366

$565

Median Banks Tax Bill

$293

Median Pike County Tax Bill

$420

Median Alabama Tax Bill

$717

Median United States Tax Bill

$2,400

Property Tax Bills Across Banks, Pike County, Alabama

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
36005	$74	$157	$293	$492	$775

Source: Ownwell