Brookhaven, Mississippi Property Taxes
The median property tax rate in Brookhaven, MS is 0.86%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $62,300 in Brookhaven, the typical annual property tax bill amounts to $633, significantly less than the national median of $2,690. Property taxes in Brookhaven are calculated based on the tax assessed value, generally lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Brookhaven's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Brookhaven 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
Brookhaven, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$536
Ownwell’s Brookhaven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookhaven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookhaven 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 Brookhaven, Mississippi
Property taxes in Brookhaven, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookhaven is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Brookhaven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookhaven 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 Brookhaven's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39601 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Brookhaven provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookhaven Tax Rate
0.86%
Average Franklin County Tax Rate
1.37%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | 0.27% | 0.75% | 0.86% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Brookhaven, Mississippi
In Brookhaven, 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 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. In Brookhaven, 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 Brookhaven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Brookhaven is $62,300. Zip code 39601 has both the highest and lowest median tax bill, which is $633. By staying informed, homeowners can ensure they are not overpaying on their property taxes.
Average Brookhaven Assessed Value
$62,300
Average Franklin County Assessed Value
$51,050
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | $18,308 | $33,090 | $62,300 | $95,200 | $143,902 |
Source: Ownwell
Property Tax Bills Across Brookhaven, Mississippi
Property tax bills in Brookhaven, located in Franklin County, MS, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home, which in Brookhaven has a median home price of $62,300. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. Homeowners in Brookhaven can expect a wide range of tax bills. For instance, those in the 25th percentile pay around $284, while those in the 75th percentile see bills closer to $1,030. At the 90th percentile, tax bills can reach $1,704. The highest and lowest median tax bills in the area are both $633, indicating some consistency in tax burdens within the same zip code (39601). Compared to the national median property tax rate of 0.99%, Brookhaven's tax rates can be considered relatively moderate, which can influence the affordability and attractiveness of homeownership in the area.
Average Brookhaven Tax Bill
$633
Average Franklin County Tax Bill
$566
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | $99 | $284 | $633 | $1,030 | $1,704 |
Source: Ownwell