Carthage, Mississippi Property Taxes
The median property tax rate in Carthage, MS is 0.87%, lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Carthage at $68,100, the typical annual property tax bill is $618, significantly below the national median of $2,690. Property taxes in Carthage 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 Carthage'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 Carthage or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Carthage, 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 Carthage Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Carthage to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making financial planning more straightforward. For those interested in neighborhood-specific trends, further localized information is available below. Your property’s assessed value is determined by Leake County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Carthage, Mississippi
Property taxes in Carthage, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39051 zip code has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Carthage provides valuable insights into the varying tax landscape across Leake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
0.87%
Average Leake County Tax Rate
0.86%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | 0.32% | 0.78% | 0.87% | 1.08% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Mississippi
In Carthage, 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 Leake 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 Carthage, 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 Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $618.00, found in zip code 39051.
Average Carthage Assessed Value
$68,100
Average Leake County Assessed Value
$64,340
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $21,951 | $45,015 | $68,100 | $109,820 | $168,803 |
Source: Ownwell
Property Tax Bills Across Carthage, Mississippi
In Carthage, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Carthage is $68,100. Property tax rates in Carthage are determined by local taxing authorities in Leake County. Homeowners in Carthage can expect a median property tax bill of $618, which aligns with the highest and lowest median tax bills in the area. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the 25th percentile tax bill stands at $342, while the 75th percentile reaches $1,186, and the 90th percentile can go up to $2,009. These variations highlight how different property characteristics and valuations can significantly impact the amount homeowners pay. Compared to the national median property tax rate of 0.99%, Carthage's property taxes can vary widely, affecting homeowners differently based on their property's assessed value and specific circumstances.
Average Carthage Tax Bill
$618
Average Leake County Tax Bill
$579
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $121 | $342 | $618 | $1,186 | $2,009 |
Source: Ownwell