Georgetown, Mississippi Property Taxes
The median property tax rate in Georgetown, MS is 1.66%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Georgetown, the typical annual property tax bill reaches $540, which is significantly below the national median of $2,690. Property taxes in Georgetown 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 Georgetown'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 Georgetown or another part of Simpson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Georgetown, 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 Georgetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Georgetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Georgetown 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 Georgetown, Mississippi
Property taxes in Georgetown, Mississippi, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Georgetown is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Georgetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Georgetown 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 Georgetown's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39078 zip code has the highest median property tax rate of 1.66%, while the 39078 zip code also has the lowest median tax rate of 1.66%. Understanding how these areas compare with Georgetown 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 Georgetown Tax Rate
1.66%
Average Simpson County Tax Rate
0.99%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | 1.65% | 1.66% | 1.66% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Georgetown, Mississippi
In Georgetown, 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 Georgetown, 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 Georgetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 39078, with a median tax bill of $540.
Average Georgetown Assessed Value
$32,525
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 Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | $27,433 | $29,342 | $32,525 | $35,708 | $37,617 |
Source: Ownwell
Property Tax Bills Across Georgetown, Mississippi
In Georgetown, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. For homeowners in Georgetown, the median home price is $32,525, and tax bills can vary significantly. For instance, tax bills in the 25th percentile are around $489, while those in the 75th percentile are approximately $590. At the 90th percentile, tax bills can reach $621. Compared to the national median property tax rate of 0.99%, Georgetown's property tax rates offer a more affordable option for homeowners. These tax bills contribute to community services such as schools, infrastructure, and emergency services, ultimately impacting the quality of life for residents. Understanding how these factors come into play can help homeowners better anticipate their annual expenses and plan accordingly.
Average Georgetown Tax Bill
$540
Average Simpson County Tax Bill
$510
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Georgetown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39078 | $459 | $489 | $540 | $590 | $621 |
Source: Ownwell