Brooksville, Mississippi Property Taxes
The median property tax rate in Brooksville, MS is 2.21%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Brooksville at $44,620, the typical annual property tax bill reaches $861, which remains below the national median of $2,690. Property taxes in Brooksville 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 Brooksville'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 Brooksville or another part of Noxubee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brooksville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.21%
Estimate Property Tax Bill
$986
Ownwell’s Brooksville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brooksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooksville 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 Brooksville, Mississippi
Property taxes in Brooksville, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooksville is 2.21%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Brooksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooksville 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 Brooksville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39739 zip code has the highest median property tax rate of 2.21%, while the same zip code also has the lowest median tax rate of 2.21%. Understanding how these cities compare with Brooksville provides valuable insights into the varying tax landscape across Noxubee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooksville Tax Rate
2.21%
Average Noxubee County Tax Rate
2.21%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooksville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39739 | 1.01% | 1.30% | 2.21% | 2.21% | 3.39% |
Source: Ownwell
Property Tax Assessment Values Across Brooksville, Mississippi
In Brooksville, 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 Noxubee 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 Brooksville, 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 Brooksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Brooksville both amount to $861, specifically in the 39739 zip code.
Average Brooksville Assessed Value
$44,620
Average Noxubee County Assessed Value
$44,865
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooksville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39739 | $11,050 | $23,160 | $44,620 | $75,770 | $140,726 |
Source: Ownwell
Property Tax Bills Across Brooksville, Mississippi
In Brooksville, 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, reflecting the home's worth in the current real estate market. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Brooksville can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $417, while the 75th percentile tax bill is $1,571, and the 90th percentile tax bill reaches $2,706. These variations can impact household budgets, making it crucial for homeowners to understand how their property is valued and taxed. In Noxubee County, where Brooksville is located, the median home price is $44,620. Comparing this to the national median property tax rate of 0.99%, it becomes evident that local tax rates and assessed values can significantly influence the financial responsibilities of homeowners.
Average Brooksville Tax Bill
$861
Average Noxubee County Tax Bill
$845
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooksville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39739 | $205 | $417 | $861 | $1,571 | $2,706 |
Source: Ownwell