Abbeville, Mississippi Property Taxes
The median property tax rate in Abbeville, MS is 0.98%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With the median home value in Abbeville, the typical annual property tax bill reaches $629, which is much less than the national median of $2,690. Property taxes in Abbeville are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Abbeville'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 Abbeville or another part of Lafayette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Abbeville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$574
Ownwell’s Abbeville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Abbeville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Abbeville 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 Abbeville, Mississippi
Property taxes in Abbeville, Mississippi, are crucial in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Abbeville is 0.98%, which is lower than the U.S. national median of 0.99%. Local government entities within Abbeville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Abbeville 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 Abbeville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38601 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Abbeville provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Abbeville Tax Rate
0.98%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Abbeville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38601 | 0.59% | 0.71% | 0.98% | 1.60% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Abbeville, Mississippi
In Abbeville, 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 Lafayette 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 Abbeville, 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 Abbeville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $629, found in zip code 38601.
Average Abbeville Assessed Value
$58,555
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Abbeville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38601 | $12,554 | $24,838 | $58,555 | $112,928 | $187,324 |
Source: Ownwell
Property Tax Bills Across Abbeville, Mississippi
In Abbeville, Lafayette County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Abbeville, the median home price stands at $58,555. Property tax bills can vary significantly, with the 25th percentile tax bill at $296 and the 75th percentile reaching $1,241. For those in the 90th percentile, the tax bill can be as high as $2,020. These tax bills are influenced by several factors, including property size, location, and market conditions. The median tax bill in the area is $629, which is relatively low compared to the national median property tax rate of 0.99%. This relatively lower tax burden can be beneficial for homeowners, making property ownership more affordable in Abbeville.
Average Abbeville Tax Bill
$629
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Abbeville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38601 | $133 | $296 | $629 | $1,241 | $2,020 |
Source: Ownwell