Braxton, Mississippi Property Taxes
The median property tax rate in Braxton, MS is 0.92%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Braxton at $50,270, the typical annual property tax bill amounts to $436, significantly below the national median of $2,690. Property taxes in Braxton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Braxton'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 Braxton 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
Braxton, 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 Braxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Braxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Braxton 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 Braxton, Mississippi
Property taxes in Braxton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Braxton is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Braxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Braxton 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 Braxton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39044 zip code has the highest median property tax rate of 0.92%, while the 39044 zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Braxton provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Braxton Tax Rate
0.92%
Average Simpson County Tax Rate
0.99%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Braxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39044 | 0.34% | 0.69% | 0.92% | 1.65% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Braxton, Mississippi
In Braxton, 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 Simpson 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 Braxton, 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 Braxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39044 has the highest and lowest median tax bill at $436.
Average Braxton Assessed Value
$50,270
Average Simpson County Assessed Value
$52,820
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Braxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39044 | $11,205 | $22,425 | $50,270 | $81,828 | $127,855 |
Source: Ownwell
Property Tax Bills Across Braxton, Mississippi
In Braxton, located in Simpson County, MS, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the home's market value. Homeowners in Braxton face a median property tax bill of $436, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. For instance, the 25th percentile tax bill is around $200, while the 75th percentile tax bill is $814, and the 90th percentile tax bill can go up to $1,343. These variations reflect differences in property values and any adjustments or exemptions that may apply. Low property tax rates can make homeownership more affordable, potentially increasing the attractiveness of Braxton as a place to live. However, it also means less revenue for public services funded by property taxes, which can impact community resources.
Average Braxton Tax Bill
$436
Average Simpson County Tax Bill
$510
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Braxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39044 | $85 | $200 | $436 | $814 | $1,343 |
Source: Ownwell