Kilmichael, Mississippi Property Taxes
The median property tax rate in Kilmichael, MS is 1.54%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Kilmichael at $44,375, the typical annual property tax bill reaches $709, which is significantly lower than the national median of $2,690. Property taxes in Kilmichael are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kilmichael'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 Kilmichael or another part of Montgomery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kilmichael, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$683
Ownwell’s Kilmichael Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Kilmichael with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kilmichael to provide an estimated property tax bill. This insightful tool aids in understanding potential tax liabilities. For those interested in more granular data, trends on a neighborhood level can be found by scrolling down. Your property’s assessed value is determined by Montgomery County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Kilmichael, Mississippi
Property taxes in Kilmichael, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kilmichael is 0.52%, which is lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Kilmichael set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kilmichael 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 Kilmichael's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39747 zip code has the highest median property tax rate of 0.52%, while the same 39747 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Kilmichael provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kilmichael Tax Rate
1.54%
Average Montgomery County Tax Rate
1.47%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kilmichael, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39747 | 0.64% | 0.96% | 1.54% | 1.93% | 2.78% |
Source: Ownwell
Property Tax Assessment Values Across Kilmichael, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Kilmichael, 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 local 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 Kilmichael, 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. The median home price in Kilmichael is $44,375, with tax bills varying widely. The 25th percentile tax bill is $325, while the 75th percentile tax bill is $1,167. Notably, the highest median tax bill is $709 in the 39747 zip code. By understanding 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 Kilmichael helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kilmichael Assessed Value
$44,375
Average Montgomery County Assessed Value
$52,966
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kilmichael, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39747 | $10,941 | $25,390 | $44,375 | $77,318 | $125,329 |
Source: Ownwell
Property Tax Bills Across Kilmichael, Mississippi
Property tax bills in Kilmichael, located in Montgomery County, MS, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Kilmichael is $44,375, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Kilmichael, the tax bill can vary significantly. At the 25th percentile, the tax bill is $325, while at the 75th percentile, it rises to $1,167. The 90th percentile sees tax bills as high as $1,927. The highest and lowest median tax bills in the area are both $709, indicating a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Kilmichael's rates are relatively moderate, providing some financial relief to homeowners while still contributing to essential local services and infrastructure.
Average Kilmichael Tax Bill
$709
Average Montgomery County Tax Bill
$779
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Kilmichael, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39747 | $145 | $325 | $709 | $1,167 | $1,927 |
Source: Ownwell