Belmont, Mississippi Property Taxes
The median property tax rate in Belmont, MS is 0.76%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Belmont at $57,050, the typical annual property tax bill is $485, significantly less than the national median of $2,690. Property taxes in Belmont 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 Belmont'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 Belmont 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
Belmont, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$434
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, Mississippi
Property taxes in Belmont, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38827 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Belmont provides valuable insights into the varying tax landscape across Tishomingo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
0.76%
Average Tishomingo County Tax Rate
0.89%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38827 | 0.42% | 0.60% | 0.76% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Mississippi
In Belmont, 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 Tishomingo 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 Belmont 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 Belmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Belmont is $57,050, with the highest and lowest median tax bills both being $485 in zip code 38827.
Average Belmont Assessed Value
$57,050
Average Tishomingo County Assessed Value
$60,500
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38827 | $24,655 | $38,840 | $57,050 | $87,098 | $141,390 |
Source: Ownwell
Property Tax Bills Across Belmont, Mississippi
In Belmont, located in Tishomingo County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value of the property, which is determined by local tax assessors. Homeowners in Belmont typically see a range of property tax bills, with the 25th percentile at $305 and the 75th percentile reaching $819. For those at the 90th percentile, the tax bill can go up to $1,225. The median home price in Belmont is $57,050, which is significantly lower than the national median. This lower home value contributes to relatively modest property tax bills compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in Belmont are both $485, found in the 38827 zip code. These tax bills can impact homeowners by influencing their overall housing costs, potentially affecting their financial planning and homeownership affordability.
Average Belmont Tax Bill
$485
Average Tishomingo County Tax Bill
$531
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38827 | $160 | $305 | $485 | $819 | $1,225 |
Source: Ownwell