Myrtle, Mississippi Property Taxes
The median property tax rate in Myrtle, MS is 0.96%, slightly below the national median of 0.99% but significantly lower than the Mississippi state median of 1.31%. With a median home value in Myrtle of $59,020, the typical annual property tax bill amounts to $533, which is well below the national median of $2,690. Property taxes in Myrtle are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Myrtle'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 Myrtle 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
Myrtle, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$567
Ownwell’s Myrtle Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Myrtle with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Myrtle to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. If you’re keen on exploring trends at the neighborhood level, scroll down for more localized insights. Your property’s assessed value is determined by Union County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Myrtle, Mississippi
Property taxes in Myrtle, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Myrtle is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Myrtle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Myrtle 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 Myrtle's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38650 zip code has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Myrtle provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Myrtle Tax Rate
0.96%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Myrtle, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38650 | 0.40% | 0.68% | 0.96% | 1.57% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Myrtle, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Myrtle, 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 Union 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 Myrtle, 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. For instance, the zip code with the highest median tax bill in Myrtle is 38650, with a median tax bill of $533. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Myrtle Assessed Value
$59,020
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Myrtle, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38650 | $10,780 | $23,675 | $59,020 | $107,015 | $170,130 |
Source: Ownwell
Property Tax Bills Across Myrtle, Mississippi
In Myrtle, located in Union County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the property's market value. Homeowners in Myrtle can expect a range of property tax bills depending on their property's assessed value and the applicable tax rate. For instance, the tax bill for the 25th percentile is $238, while for the 75th percentile, it rises to $1,088. The 90th percentile sees a tax bill of $1,809. These figures indicate a significant variation in tax bills within the city, influenced by factors such as property size, location, and market conditions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand local tax burdens. Homeowners in Myrtle, especially those in the highest median tax bill zip code of 38650, face a median tax bill of $533. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Myrtle Tax Bill
$533
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Myrtle, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38650 | $108 | $238 | $533 | $1,088 | $1,809 |
Source: Ownwell