Bay Springs, Mississippi Property Taxes
The median property tax rate in Bay Springs, MS is 0.70%, considerably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Bay Springs, the typical annual property tax bill reaches $576, significantly below the national median of $2,690. Property taxes in Bay Springs 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 Bay Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bay Springs 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
Bay Springs, 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 BAY SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BAY SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BAY SPRINGS 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 Bay Springs, Mississippi
Property taxes in Bay Springs, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay Springs is 0.52%, significantly lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Bay Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay Springs 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 Bay Springs' effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39422 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Bay Springs provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bay Springs Tax Rate
0.70%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bay Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39422 | 0.27% | 0.60% | 0.70% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Bay Springs, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bay Springs, 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 Smith 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 Bay Springs, 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 Bay Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bay Springs is $76,150, with the lowest and highest median tax bills both being $576 in the zip code 39422.
Average Bay Springs Assessed Value
$76,150
Average Smith County Assessed Value
$63,970
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bay Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39422 | $28,588 | $46,010 | $76,150 | $116,890 | $179,368 |
Source: Ownwell
Property Tax Bills Across Bay Springs, Mississippi
Property tax bills in Bay Springs, located in Smith County, MS, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. Factors such as property size, location, and condition play a crucial role in determining the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For instance, with a median home price of $76,150, homeowners in Bay Springs can expect varying tax bills depending on their property's specific assessed value. The tax bills can range significantly, with the 25th percentile at $298 and the 75th percentile reaching $1,067. At the 90th percentile, tax bills can go up to $1,782. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the overall quality of life in the community. Comparing this to the national median property tax rate of 0.99%, Bay Springs offers a relatively affordable property tax environment.
Average Bay Springs Tax Bill
$576
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bay Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39422 | $145 | $298 | $576 | $1,067 | $1,782 |
Source: Ownwell