Lumberton, Mississippi Property Taxes
The median property tax rate in Lumberton, MS, is 1.74%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lumberton at $58,745, the typical annual property tax bill reaches $977, still below the national median of $2,690. Property taxes in Lumberton 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 Lumberton'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 Lumberton 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
Lumberton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$1,022
Ownwell’s Lumberton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lumberton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lumberton 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 Lumberton, Mississippi
Property taxes in Lumberton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lumberton is 1.74%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lumberton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lumberton 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 Lumberton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39455 zip code has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these cities compare with Lumberton provides valuable insights into the varying tax landscape across Lamar County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lumberton Tax Rate
1.74%
Average Lamar County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lumberton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39455 | 1.26% | 1.27% | 1.74% | 1.89% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Lumberton, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lumberton, 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 Lamar 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 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. For instance, the median home price in Lumberton is $58,745. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Notably, the highest and lowest median tax bills in the area are both $977, found in zip code 39455. Being aware of these valuation processes in Lumberton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lumberton Assessed Value
$58,745
Average Lamar County Assessed Value
$134,620
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lumberton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39455 | $13,692 | $32,732 | $58,745 | $107,630 | $199,173 |
Source: Ownwell
Property Tax Bills Across Lumberton, Mississippi
Property tax bills in Lumberton, located in Lamar County, MS, 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 market value of the home. For instance, with a median home price of $58,745, homeowners can expect their property tax bill to reflect this assessed value. Factors such as property improvements, location, and market conditions influence the assessed value. In Lumberton, the tax bill at the 25th percentile is $534, while at the 75th percentile, it rises to $1,607, and at the 90th percentile, it reaches $2,989. These figures illustrate the range of property tax burdens homeowners may face. Compared to the national median property tax rate of 0.99%, the property tax rates in Lumberton are relatively modest. This affects homeowners by potentially making homeownership more affordable, but it also means that public services funded by property taxes may receive less revenue.
Average Lumberton Tax Bill
$977
Average Lamar County Tax Bill
$1,887
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lumberton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39455 | $232 | $534 | $977 | $1,607 | $2,989 |
Source: Ownwell