Myrtle, Mississippi Property Taxes
The median property tax rate in Myrtle, MS is 1.97%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Myrtle, the typical annual property tax bill reaches $312, which is significantly lower than the national median of $2,690. Property taxes in Myrtle 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 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
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Myrtle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Myrtle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Myrtle 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 Myrtle, Mississippi
Property taxes in Myrtle, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Myrtle is 1.97%, significantly higher than the U.S. national median of 0.99%. Local government entities within Myrtle set these rates annually, and they can vary 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. Understanding how Myrtle's effective property tax rate compares to other areas in Benton County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Myrtle Tax Rate
1.97%
Average Benton County Tax Rate
1.92%
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 | 0.88% | 1.92% | 1.97% | 1.97% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Myrtle, Mississippi
In Myrtle, 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 Benton 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. Being aware of these valuation processes in Myrtle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $312 in the 38650 zip code, while the lowest is also $312 in the same zip code.
Average Myrtle Assessed Value
$23,545
Average Benton County Assessed Value
$21,390
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 | $1,416 | $6,605 | $23,545 | $36,880 | $95,408 |
Source: Ownwell
Property Tax Bills Across Myrtle, Mississippi
In Myrtle, Benton County, MS, property tax bills are determined based on the assessed value of a property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Myrtle, several factors influence their property tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Myrtle experience a range of property tax bills. The 25th percentile tax bill is around $132, while the 75th percentile tax bill reaches up to $621. At the higher end, the 90th percentile tax bill can be as much as $1,149. These variations highlight the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Myrtle's rates can significantly affect homeowners' financial planning. Understanding these factors can help homeowners anticipate their tax obligations and manage their budgets more effectively.
Average Myrtle Tax Bill
$312
Average Benton County Tax Bill
$264
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 | $39 | $132 | $312 | $621 | $1,149 |
Source: Ownwell