Monticello, Mississippi Property Taxes
The median property tax rate in Monticello, MS is 1.25%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Monticello at $56,951, the typical annual property tax bill amounts to $598, significantly lower than the national median of $2,690. Property taxes in Monticello are calculated based on the assessed value, which is often below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Monticello'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 Monticello 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
Monticello, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$712
Ownwell’s Monticello Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello to provide an estimate of your property tax bill. This valuable resource helps you understand potential tax liabilities. For those interested in more localized information, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value is determined by the county for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Monticello, Mississippi
Property taxes in Monticello, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.80%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39654 zip code has the highest median property tax rate of 0.80%, while the 39654 zip code has the lowest median tax rate of 0.80%. Understanding how these areas compare with Monticello provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.25%
Average Lawrence County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39654 | 0.39% | 0.83% | 1.25% | 1.85% | 2.48% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Mississippi
In Monticello, 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 Lawrence 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 in Monticello 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 Monticello 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 $598, found in the 39654 zip code.
Average Monticello Assessed Value
$56,951
Average Lawrence County Assessed Value
$54,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39654 | $9,741 | $30,356 | $56,951 | $86,518 | $124,352 |
Source: Ownwell
Property Tax Bills Across Monticello, Mississippi
In Monticello, located in Lawrence County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $56,951, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $290, while those at the 75th percentile could see bills as high as $1,081. The 90th percentile tax bill soars to $1,718, indicating a substantial range in property tax obligations. These tax bills are influenced by several factors, including property location, home value, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Monticello's rates can be seen as relatively moderate, but they still represent a significant expense for homeowners. Understanding how these factors interplay helps homeowners anticipate their annual property tax bills and budget accordingly.
Average Monticello Tax Bill
$598
Average Lawrence County Tax Bill
$556
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39654 | $93 | $290 | $598 | $1,081 | $1,718 |
Source: Ownwell