Taylor, Mississippi Property Taxes
The median property tax rate in Taylor, MS is 0.93%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Taylor at $123,915, the typical annual property tax bill amounts to $1,502, significantly below the national median of $2,690. Property taxes in Taylor are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Taylor'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 Taylor or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taylor, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,152
Ownwell’s Taylor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor 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 Taylor, Mississippi
Property taxes in Taylor, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Taylor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor 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 Taylor's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38673 has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Taylor 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 Taylor Tax Rate
0.93%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38673 | 0.65% | 0.75% | 0.93% | 1.60% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Taylor, Mississippi
In Taylor, 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. Assessment notices in Taylor 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 Taylor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Taylor, the median home price is $123,915. The tax bills can vary significantly, with the 25th percentile at $520 and the 75th percentile at $2,112. The highest median tax bill in Taylor is $1,502, found in the 38673 zip code.
Average Taylor Assessed Value
$123,915
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 Taylor, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38673 | $23,272 | $54,205 | $123,915 | $215,932 | $271,470 |
Source: Ownwell
Property Tax Bills Across Taylor, Mississippi
In Taylor, Lafayette County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the assessed value, including the home's size, age, location, and market conditions. For instance, with a median home price of $123,915, homeowners in Taylor can expect different tax bills depending on their property's specific characteristics. The 25th percentile tax bill stands at $520, while the 75th percentile reaches $2,112, and the 90th percentile peaks at $3,611. Comparing these figures to the national median property tax rate of 0.99%, Taylor's tax bills can vary significantly, impacting homeowners' financial planning and overall affordability. Understanding how these factors interplay helps homeowners anticipate their property tax obligations and budget accordingly, ensuring they are prepared for any fluctuations in their tax bills.
Average Taylor Tax Bill
$1,502
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38673 | $225 | $520 | $1,502 | $2,112 | $3,611 |
Source: Ownwell