Marks, Mississippi Property Taxes
The median property tax rate in Marks, MS is 2.58%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Marks, the typical annual property tax bill reaches $778, which is significantly lower than the national median of $2,690. Property taxes in Marks 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 Marks'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 Marks 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
Marks, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$871
Ownwell’s MARKS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MARKS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MARKS 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 Marks, Mississippi
Property taxes in Marks, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marks is 2.58%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Marks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marks 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 Marks's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38646 zip code has the highest and lowest median property tax rate of 2.58%. Understanding how these areas compare with Marks provides valuable insights into the varying tax landscape across Quitman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marks Tax Rate
2.58%
Average Quitman County Tax Rate
2.58%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38646 | 0.22% | 1.55% | 2.58% | 3.59% | 3.61% |
Source: Ownwell
Property Tax Assessment Values Across Marks, Mississippi
In MARKS, 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 Quitman 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 MARKS, 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 MARKS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in MARKS is $33,774, with tax bills ranging from $210 at the 25th percentile to $2,667 at the 90th percentile. Interestingly, the zip code 38646 has both the highest and lowest median tax bill of $778.
Average Marks Assessed Value
$33,774
Average Quitman County Assessed Value
$32,455
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38646 | $6,739 | $12,430 | $33,774 | $66,369 | $112,388 |
Source: Ownwell
Property Tax Bills Across Marks, Mississippi
In MARKS, located in Quitman County, MS, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $33,774, homeowners can expect their tax bills to vary significantly. Various factors such as the property's location, size, and improvements are considered in determining the assessed value. The tax bill in Marks can range widely. At the 25th percentile, homeowners might pay around $210, while those at the 75th percentile could see bills as high as $1,706. For the top 10% of properties, tax bills can reach up to $2,667. These figures highlight the variability in property tax burdens across different homes. Compared to the national median property tax rate of 0.99%, homeowners in Marks may find their tax obligations either manageable or burdensome, depending on their property's assessed value and specific circumstances.
Average Marks Tax Bill
$778
Average Quitman County Tax Bill
$743
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Marks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38646 | $75 | $210 | $778 | $1,697 | $2,674 |
Source: Ownwell