Grenada, Mississippi Property Taxes
The median property tax rate in Grenada, MS is 1.87%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Grenada at $50,653, the typical annual property tax bill reaches $442, which is significantly lower than the national median of $2,690. Property taxes in Grenada 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 Grenada'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 Grenada 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
Grenada, 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 Grenada Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grenada with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grenada 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 Grenada, Mississippi
Property taxes in Grenada, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grenada is 0.87%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Grenada set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grenada 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 Grenada's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38901 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Grenada provides valuable insights into the varying tax landscape across Tallahatchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grenada Tax Rate
1.87%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | 0.40% | 0.88% | 1.87% | 1.87% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Grenada, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grenada, Mississippi. 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 Tallahatchie 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 Grenada 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 Grenada helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Grenada are both $442.00, found in the 38901 zip code.
Average Grenada Assessed Value
$50,653
Average Tallahatchie County Assessed Value
$42,376
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | $6,784 | $17,778 | $50,653 | $72,723 | $107,973 |
Source: Ownwell
Property Tax Bills Across Grenada, Mississippi
In Grenada, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $50,653, homeowners can expect their tax bills to vary widely. At the 25th percentile, the tax bill is around $179, while at the 75th percentile, it rises to $1,125. The 90th percentile sees tax bills reaching up to $1,300. Factors such as the property's location within the county and any applicable exemptions can also influence the final tax amount. Homeowners in Grenada should be aware that their property tax bills can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Grenada offers a range of tax bills, with the highest median tax bill recorded at $442 in the 38901 zip code. Understanding these elements can help homeowners better plan their finances.
Average Grenada Tax Bill
$442
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Grenada, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38901 | $72 | $179 | $442 | $1,125 | $1,300 |
Source: Ownwell