Vardaman, Mississippi Property Taxes
The median property tax rate in Vardaman, MS is 1.21%, slightly higher than the national median of 0.99% but below the Mississippi state median of 1.31%. With the median home value in Vardaman, the typical annual property tax bill amounts to $346, significantly lower than the national median of $2,690. Property taxes in Vardaman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Vardaman'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 Vardaman or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vardaman, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$471
Ownwell’s Vardaman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vardaman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vardaman 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 Vardaman, Mississippi
Property taxes in Vardaman, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vardaman is 1.21%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Vardaman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vardaman 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 Vardaman's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38878 has both the highest and lowest median property tax rate of 1.21%. Understanding how these areas compare with Vardaman provides valuable insights into the varying tax landscape across Chickasaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vardaman Tax Rate
1.21%
Average Chickasaw County Tax Rate
1.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | 0.79% | 0.88% | 1.21% | 1.93% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Vardaman, Mississippi
In Vardaman, 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 Chickasaw 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 Vardaman, 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 Vardaman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $346.00, with the zip code 38878 reflecting this value.
Average Vardaman Assessed Value
$38,960
Average Chickasaw County Assessed Value
$44,230
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | $7,700 | $12,530 | $38,960 | $55,138 | $81,477 |
Source: Ownwell
Property Tax Bills Across Vardaman, Mississippi
In Vardaman, located in Chickasaw County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. Homeowners in Vardaman can expect their tax bills to vary significantly, with the 25th percentile tax bill at $219 and the 75th percentile tax bill climbing to $582. For those at the higher end, the 90th percentile tax bill reaches $1002. The median home price in Vardaman is $38,960, which is relatively lower than many other regions. This lower home value contributes to a more manageable property tax burden for residents. However, even within Vardaman, there can be variations, as seen with the highest and lowest median tax bills both pegged at $346 in the 38878 zip code. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Vardaman Tax Bill
$346
Average Chickasaw County Tax Bill
$423
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | $92 | $219 | $346 | $582 | $1,002 |
Source: Ownwell