Lamar, Mississippi Property Taxes
The median property tax rate in Lamar, MS is 1.72%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lamar, the typical annual property tax bill reaches $682, which is lower than the national median of $2,690. Property taxes in Lamar 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 Lamar'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 Lamar 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
Lamar, 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 Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Mississippi
Property taxes in Lamar, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 1.72%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38642 zip code has the highest median property tax rate of 1.72%, while the 38642 zip code also has the lowest median tax rate of 1.72%. Understanding how these areas compare with Lamar provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
1.72%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | 0.56% | 0.79% | 1.72% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Mississippi
In Lamar, 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 Marshall 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 Lamar, 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 Lamar is $60,880, with tax bills ranging from $307 at the 25th percentile to $2,812 at the 90th percentile. The highest and lowest median tax bills in the area are both $682, found in the 38642 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Lamar Assessed Value
$60,880
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | $9,100 | $31,700 | $60,880 | $116,750 | $268,088 |
Source: Ownwell
Property Tax Bills Across Lamar, Mississippi
In Lamar, located in Marshall County, MS, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Lamar is $60,880, which serves as a baseline for calculating property taxes. Factors such as property size, location, and improvements made to the property are considered in the assessment process. Homeowners in Lamar can expect tax bills to vary significantly; the 25th percentile tax bill is around $307, while the 75th percentile reaches $1,447. For those at the 90th percentile, tax bills can be as high as $2,812. Comparatively, the national median property tax rate is 0.99%, making Lamar's tax environment relatively moderate. These property taxes fund essential local services, including public schools, infrastructure maintenance, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners plan their finances and make informed decisions about property investments.
Average Lamar Tax Bill
$682
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | $108 | $307 | $682 | $1,447 | $2,812 |
Source: Ownwell