Grenada, Mississippi Property Taxes
The median property tax rate in Grenada, MS is 0.89%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $68,246 in Grenada, the typical annual property tax bill amounts to $640, significantly below the national median of $2,690. Property taxes in Grenada are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grenada'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 Grenada 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
Grenada, 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 Grenada Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers in Grenada. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Grenada County to provide an estimate of your annual property tax bill. This user-friendly tool helps you anticipate potential tax liabilities, making financial planning easier. For those interested in more granular insights, localized trends at the neighborhood level are available further down the page. Your property's assessed value is determined by the county and includes any applicable exemptions, ensuring an accurate estimate for your property tax calculations.
Property Tax Rates Across Grenada, Mississippi
Property taxes in Grenada, MS, are essential for funding critical local services, including public schools, road maintenance, and emergency response teams. The median tax rate in Grenada is 0.89%, which is below the U.S. national median of 0.99%. Local government entities within Grenada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grenada 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 Grenada's effective property tax rate to other areas in Mississippi and the national median. For comparison, the region with the highest median property tax rate in Grenada County is zip code 38901, with a rate of 0.89%, the same as the lowest median tax rate in the same zip code. Understanding how these areas compare with Grenada provides valuable insights into the varying tax landscape across Grenada County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grenada Tax Rate
0.89%
Average Grenada County Tax Rate
0.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | 0.42% | 0.64% | 0.89% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Grenada, Mississippi
In Grenada, 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 local 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 Grenada, 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 Grenada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grenada is $68,246, with tax bills ranging from $353 at the 25th percentile to $1,886 at the 90th percentile. The zip code 38901 has both the highest and lowest median tax bill at $640.
Average Grenada Assessed Value
$68,246
Average Grenada County Assessed Value
$62,731
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | $16,613 | $40,144 | $68,270 | $120,498 | $198,924 |
Source: Ownwell
Property Tax Bills Across Grenada, Mississippi
In Grenada, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the home. For homeowners in Grenada, the median home price is $68,246. The property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property’s location, size, and any applicable exemptions. For instance, the 25th percentile of tax bills in Grenada is $353, while the 75th percentile is $1,116, and the 90th percentile reaches $1,886. These figures illustrate the range of tax obligations homeowners might encounter. Compared to the national median property tax rate of 0.99%, Grenada’s tax bills can vary significantly, reflecting both the assessed values and applicable tax rates. This variability affects homeowners by influencing their annual financial obligations and potentially impacting their homeownership costs.
Average Grenada Tax Bill
$640
Average Grenada County Tax Bill
$583
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | $147 | $353 | $640 | $1,117 | $1,889 |
Source: Ownwell