Magee, Mississippi Property Taxes
The median property tax rate in Magee, MS is 0.80%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $64,500 in Magee, the typical annual property tax bill amounts to $563, which is significantly less than the national median of $2,690. Property taxes in Magee are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Magee'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 Magee or another part of the city, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magee, 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 Magee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magee 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 Magee, Mississippi
Property taxes in Magee, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magee is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Magee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magee 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 Magee's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39111 zip code has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Magee provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magee Tax Rate
0.80%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | 0.39% | 0.62% | 0.80% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Magee, Mississippi
In Magee, 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 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. Assessment notices in Magee 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 Magee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Magee are both $563, with the zip code 39111 reflecting this amount.
Average Magee Assessed Value
$64,500
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 Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | $13,846 | $34,250 | $64,500 | $121,398 | $181,029 |
Source: Ownwell
Property Tax Bills Across Magee, Mississippi
In Magee, located in Smith County, MS, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. For instance, with a median home price of $64,500, the tax bill can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $297, while those in the 75th percentile might see bills as high as $1,050. For the top 10% of property values, tax bills can reach up to $1,789. This variance in tax bills affects homeowners differently, depending on the value of their property. Compared to the national median property tax rate of 0.99%, Magee's property tax bills are relatively modest, making it an attractive location for homeowners looking for lower property taxes. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Magee Tax Bill
$563
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | $133 | $297 | $563 | $1,050 | $1,789 |
Source: Ownwell