Mc Lain, Mississippi Property Taxes
The median property tax rate in Mc Lain, MS is 1.35%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Mc Lain at $38,895, the typical annual property tax bill reaches $478, which is significantly lower than the national median of $2,690. Property taxes in Mc Lain 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 Mc Lain'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 Mc Lain 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
Mc Lain, 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 Mc Lain Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mc Lain with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mc Lain 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 Mc Lain, Mississippi
Property taxes in McLain, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McLain is 1.35%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within McLain set these rates annually, and they can vary significantly across different neighborhoods. Each year, McLain 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 McLain's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39456 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with McLain provides valuable insights into the varying tax landscape across George County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Lain Tax Rate
1.35%
Average George County Tax Rate
1.06%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Lain, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39456 | 0.48% | 0.88% | 1.35% | 1.84% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Mc Lain, Mississippi
In Mc Lain, 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 George 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 Mc Lain, 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. The median home price in Mc Lain is $38,895, with tax bills ranging from $118 at the 25th percentile to $1,367 at the 90th percentile. The zip code with the highest and lowest median tax bill is 39456, both at $478. 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 Mc Lain helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mc Lain Assessed Value
$38,895
Average George County Assessed Value
$59,265
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Lain, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39456 | $1,876 | $9,455 | $38,895 | $78,492 | $126,202 |
Source: Ownwell
Property Tax Bills Across Mc Lain, Mississippi
In McLain, located in George County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $38,895, the tax bill can vary significantly. Homeowners at the 25th percentile can expect a tax bill around $118, while those at the 75th percentile may see a bill closer to $900. At the 90th percentile, tax bills can reach up to $1,367. These figures highlight the range of property tax burdens homeowners may face. Several factors influence the tax bill, including the property's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, McLain's rates can create a noticeable impact on homeowners' finances. Understanding these elements can help homeowners better anticipate their annual property tax obligations and plan their budgets accordingly. In George County, the highest and lowest median tax bills both stand at $478, specifically in the zip code 39456.
Average Mc Lain Tax Bill
$478
Average George County Tax Bill
$573
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Lain, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39456 | $33 | $118 | $478 | $900 | $1,367 |
Source: Ownwell