Magnolia, Mississippi Property Taxes
The median property tax rate in Magnolia, MS is 1.28%, slightly higher than the national median of 0.99% but just below the Mississippi state median of 1.31%. With the median home value in Magnolia at $20,150, the typical annual property tax bill is around $160, which is significantly lower than the national median of $2,690. Property taxes in Magnolia are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Magnolia'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 Magnolia or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magnolia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$258
Ownwell’s Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Mississippi
Property taxes in Magnolia, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.28%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39652 zip code has the highest median property tax rate of 1.28%, while the 39652 zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Magnolia provides valuable insights into the varying tax landscape across Amite County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.28%
Average Amite County Tax Rate
1.28%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | 0.44% | 0.77% | 1.28% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Mississippi
In Magnolia, 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 Amite 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 Magnolia, 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 Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 39652 has both the highest and lowest median tax bill at $160.
Average Magnolia Assessed Value
$20,150
Average Amite County Assessed Value
$18,096
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | $1,627 | $5,045 | $20,150 | $61,839 | $113,763 |
Source: Ownwell
Property Tax Bills Across Magnolia, Mississippi
In Magnolia, located in Amite County, property tax bills are calculated based on the assessed value of a property. This assessed value is typically a percentage of the market value of the home. The median home price in Magnolia is $20,150, and property tax rates are applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location within the county and any applicable exemptions or deductions that the homeowner may qualify for. For instance, tax bills can vary significantly, with the 25th percentile tax bill being around $52, while the 75th percentile tax bill reaches $470. At the 90th percentile, property tax bills can go up to $897. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Magnolia might find the property tax rate to be relatively low compared to the national median property tax rate of 0.99%, which can be a financial relief but also reflects the lower property values in the area.
Average Magnolia Tax Bill
$160
Average Amite County Tax Bill
$159
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | $18 | $52 | $160 | $470 | $897 |
Source: Ownwell