Georgetown, Mississippi Property Taxes
The median property tax rate in Georgetown, MS is 1.47%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Georgetown, the typical annual property tax bill reaches $338, which is significantly lower than the national median of $2,690. Property taxes in Georgetown 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 Georgetown'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 Georgetown 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
Georgetown, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$453
Ownwell’s Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Mississippi
Property taxes in Georgetown, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 1.47%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39078 zip code has both the highest and lowest median property tax rate of 1.47%. Understanding how these areas compare with Georgetown provides valuable insights into the varying tax landscape across Copiah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Georgetown Tax Rate
1.47%
Average Copiah County Tax Rate
1.18%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | 0.73% | 1.09% | 1.47% | 1.74% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Mississippi
In Georgetown, Mississippi, 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 Copiah 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 Georgetown, 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. Being aware of these valuation processes in Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $338, found in the 39078 zip code.
Average Georgetown Assessed Value
$30,800
Average Copiah County Assessed Value
$45,250
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | $3,960 | $10,170 | $30,800 | $52,825 | $89,010 |
Source: Ownwell
Property Tax Bills Across Georgetown, Mississippi
In Georgetown, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $30,800, the tax bills in Georgetown can vary significantly. Homeowners in the 25th percentile pay around $147, while those in the 75th percentile pay approximately $609, and the 90th percentile sees tax bills as high as $1,027. Factors such as property size, location, and any improvements made to the property can influence the assessed value. Compared to the national median property tax rate of 0.99%, Georgetown's property taxes are relatively moderate. These taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Homeowners should be aware of how these factors affect their tax bills to manage their finances effectively.
Average Georgetown Tax Bill
$338
Average Copiah County Tax Bill
$484
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | $69 | $147 | $338 | $609 | $1,027 |
Source: Ownwell