Greenwood Springs, Mississippi Property Taxes
The median property tax rate in Greenwood Springs, MS is 1.45%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Greenwood Springs at $35,210, the typical annual property tax bill reaches $441, which is significantly lower than the national median of $2,690. Property taxes in Greenwood Springs 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 Greenwood Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greenwood Springs 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
Greenwood Springs, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Greenwood Springs Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Greenwood Springs to estimate your annual property tax bill. This tool offers a clear understanding of your potential tax liabilities, helping you make informed decisions. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for calculating property taxes and takes into account any applicable exemptions.
Property Tax Rates Across Greenwood Springs, Mississippi
Property taxes in Greenwood Springs, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood Springs is 1.45%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Greenwood Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood Springs 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 Greenwood Springs' effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38848 zip code has the highest median property tax rate of 1.45%, while the same zip code also has the lowest median tax rate of 1.45%. Understanding how these cities compare with Greenwood Springs provides valuable insights into the varying tax landscape across Itawamba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Springs Tax Rate
1.45%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | 1.06% | 1.20% | 1.45% | 1.70% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood Springs, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Greenwood Springs, Mississippi. 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 Itawamba 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 Greenwood Springs, 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 Greenwood Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $441, found in the 38848 zip code.
Property Tax Assessment Values Across Greenwood Springs, Mississippi
Source: Ownwell
$35,210
$61,215
$87,220
Average Greenwood Springs Assessed Value
$35,210
Average Itawamba County Assessed Value
$62,360
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | $23,882 | $28,130 | $35,210 | $42,290 | $46,538 |
Source: Ownwell
Property Tax Bills Across Greenwood Springs, Mississippi
Property tax bills in Greenwood Springs, located in Itawamba County, MS, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. In Greenwood Springs, the median home price is $35,210. Homeowners' tax bills are influenced by this assessed value along with the local tax rate. For example, the 25th percentile tax bill stands at $425, while the 75th percentile reaches $457, and the 90th percentile is $466. These figures indicate the range of property tax bills homeowners can expect, with the highest median tax bill recorded at $441 in the 38848 zip code. Compared to the national median property tax rate of 0.99%, the tax rates in Greenwood Springs are relatively modest, reflecting the lower home values in the area. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Greenwood Springs Tax Bill
$441
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | $415 | $425 | $441 | $457 | $466 |
Source: Ownwell