Paris, Mississippi Property Taxes
The median property tax rate in Paris, MS is 0.86%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Paris at $68,335, the typical annual property tax bill amounts to $646, significantly below the national median of $2,690. Property taxes in Paris are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Paris'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 Paris 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
Paris, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$588
Ownwell’s Paris Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Paris with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Paris 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 Paris, Mississippi
Property taxes in Paris, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Paris stands at 0.86%, which is below the U.S. national median of 0.99%. Local government entities within Paris set these rates annually, and they can vary significantly across different neighborhoods. Each year, Paris 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 Paris's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38949 has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Paris provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Paris Tax Rate
0.86%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Paris, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38949 | 0.57% | 0.66% | 0.86% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Paris, Mississippi
In Paris, 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 Lafayette 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 Paris, 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. For example, the highest median tax bill in the area is $646.00 in zip code 38949, which contrasts with the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Paris Assessed Value
$68,335
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Paris, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38949 | $20,535 | $38,678 | $68,335 | $105,465 | $144,665 |
Source: Ownwell
Property Tax Bills Across Paris, Mississippi
Property tax bills in Paris, Lafayette County, MS, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners in Paris, the median home price is $68,335, and tax bills can vary significantly. For instance, the 25th percentile tax bill is $343, while the 75th percentile tax bill is $1,218, and the 90th percentile tax bill reaches $1,654. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values can lead to diverse tax burdens. Homeowners in Paris need to be aware of these variables as they can significantly impact annual property tax obligations. Understanding these factors is crucial for effective financial planning and ensuring compliance with local tax regulations.
Average Paris Tax Bill
$646
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Paris, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38949 | $151 | $343 | $646 | $1,218 | $1,654 |
Source: Ownwell