Banner, Mississippi Property Taxes
The median property tax rate in Banner, MS is 0.69%, which is considerably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Banner, the typical annual property tax bill reaches $314, significantly below the national median of $2,690. Property taxes in Banner 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 Banner'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 Banner 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
Banner, 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 Banner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Banner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Banner 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 Banner, Mississippi
Property taxes in Banner, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Banner is 0.69%, lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Banner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Banner 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 Banner's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38913 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Banner 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 Banner Tax Rate
0.69%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Banner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38913 | 0.17% | 0.19% | 0.69% | 0.98% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Banner, Mississippi
In BANNER, 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. 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 BANNER helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $314.00 in the 38913 zip code, which is also the zip code with the lowest median tax bill.
Average Banner Assessed Value
$53,865
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 Banner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38913 | $19,767 | $37,642 | $53,865 | $74,810 | $80,351 |
Source: Ownwell
Property Tax Bills Across Banner, Mississippi
In BANNER, located in Lafayette County, MS, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the market value. Homeowners in BANNER face a median property tax rate of 0.99%, which is in line with the national average. For a median home price of $53,865, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $177, while those at the 75th percentile could see bills as high as $423. The highest median tax bill in the area is $314, found in the zip code 38913. Several factors influence these tax bills, including property size, location, and improvements. These taxes fund essential local services like schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial as it directly impacts their annual financial planning and long-term investment in their property.
Average Banner Tax Bill
$314
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Banner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38913 | $125 | $177 | $314 | $423 | $968 |
Source: Ownwell