Fayette, Mississippi Property Taxes
The median property tax rate in Fayette, MS is 2.12%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Fayette at $39,740, the typical annual property tax bill reaches $540, which is lower than the national median of $2,690. Property taxes in Fayette 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 Fayette'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 Fayette 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
Fayette, 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 Fayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fayette 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 Fayette, Mississippi
Property taxes in Fayette, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 2.12%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Mississippi and the national median. For comparison, the ZIP code 39069 has the highest median property tax rate of 2.12%, while the same ZIP code also has the lowest median tax rate of 2.12%. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
2.12%
Average Jefferson County Tax Rate
2.11%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39069 | 0.80% | 1.18% | 2.12% | 2.15% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fayette, Mississippi. 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 Jefferson 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 Fayette, 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. For instance, the highest median tax bill in the area is $540 in the 39069 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fayette Assessed Value
$39,740
Average Jefferson County Assessed Value
$39,930
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39069 | $5,857 | $16,785 | $39,740 | $67,272 | $109,395 |
Source: Ownwell
Property Tax Bills Across Fayette, Mississippi
In Fayette, property tax bills are calculated based on the assessed value of the property, which is determined by the Jefferson County tax assessor. The assessed value typically reflects a percentage of the property's market value. Homeowners in Fayette can expect a median home price of $39,740. Various factors influence the final tax bill, including property size, location, and any applicable exemptions. For a clearer picture, consider that the 25th percentile tax bill in Fayette is $206, while the 75th percentile reaches $1,045. At the 90th percentile, homeowners might see tax bills as high as $1,753. Comparatively, the national median property tax rate stands at 0.99%, highlighting how local rates and assessed values can significantly impact what homeowners owe. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Understanding how these bills are calculated helps homeowners budget effectively and recognize the value provided by their contributions to the community.
Average Fayette Tax Bill
$540
Average Jefferson County Tax Bill
$560
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39069 | $93 | $206 | $540 | $1,045 | $1,753 |
Source: Ownwell