Thaxton, Mississippi Property Taxes
The median property tax rate in Thaxton, MS is 0.82%, which is notably lower than both the national median of 0.99% and Mississippi's state median of 1.31%. With a median home value of $58,080 in Thaxton, the typical annual property tax bill amounts to $438, significantly below the national median of $2,690. Property taxes in Thaxton are determined based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Thaxton's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Thaxton or another part of Lafayette County, familiarizing yourself with the local property tax regulations will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thaxton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$476
Ownwell’s Thaxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thaxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thaxton 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 Lafayette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Thaxton, Mississippi
Property taxes in Thaxton, Mississippi, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Thaxton is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Thaxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thaxton 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 Thaxton's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38871 has both the highest and lowest median property tax rate of 0.82%, which is the same as Thaxton's rate. Understanding how these areas compare with Thaxton 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 Thaxton Tax Rate
0.82%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | 0.32% | 0.66% | 0.82% | 1.60% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Thaxton, Mississippi
In Thaxton, 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 Thaxton, 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 Thaxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $438.00, found in the zip code 38871.
Average Thaxton Assessed Value
$58,080
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 Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $12,564 | $32,382 | $58,080 | $98,118 | $116,292 |
Source: Ownwell
Property Tax Bills Across Thaxton, Mississippi
Property tax bills in Thaxton, located in Lafayette County, MS, are determined based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $58,080, the assessed value might be a fraction of this amount. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. In Thaxton, property tax bills can vary significantly. Homeowners in the 25th percentile pay around $270 annually, while those in the 75th percentile face bills of about $891. The 90th percentile sees tax bills reaching up to $1,270. Compared to the national median property tax rate of 0.99%, Thaxton's rates can be relatively modest, providing some financial relief to homeowners. However, understanding these factors is crucial for effective financial planning and property management.
Average Thaxton Tax Bill
$438
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $98 | $270 | $438 | $891 | $1,270 |
Source: Ownwell