New Albany, Mississippi Property Taxes
The median property tax rate in New Albany, MS is 1.19%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $69,400 in New Albany, the typical annual property tax bill amounts to $797, which is notably less than the national median of $2,690. Property taxes in New Albany are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with New Albany'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 New Albany 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
New Albany, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$826
Ownwell’s New Albany Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in New Albany, MS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Albany to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed information, the tool also offers trends and data at a neighborhood level. Your property’s assessed value, determined by Union County, is used for property tax calculations and may include applicable exemptions.
Property Tax Rates Across New Albany, Mississippi
Property taxes in New Albany, Mississippi, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in New Albany is 1.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Albany set these rates annually, and they can vary across different neighborhoods. Each year, New Albany 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 New Albany's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38652 has the same median property tax rate of 1.19%. Understanding how these cities compare with New Albany provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Albany Tax Rate
1.19%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | 0.49% | 0.84% | 1.19% | 1.93% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across New Albany, Mississippi
In New Albany, 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 Union 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 New Albany, 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 New Albany 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 $797.00, found in the 38652 zip code.
Average New Albany Assessed Value
$69,400
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | $11,961 | $33,015 | $69,400 | $132,195 | $212,610 |
Source: Ownwell
Property Tax Bills Across New Albany, Mississippi
In New Albany, located in Union County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. The median home price in New Albany is $69,400, and tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $369, while at the 75th percentile, it rises to $1,500. At the 90th percentile, homeowners can expect a tax bill of $2,436. These property taxes fund essential community services such as schools, public safety, and infrastructure. Homeowners in New Albany should be aware of these costs as they can impact their overall housing expenses. The highest and lowest median tax bills in the area are both $797, indicating a relatively consistent tax rate within the zip code 38652. Understanding these factors helps homeowners budget and plan their finances effectively.
Average New Albany Tax Bill
$797
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | $153 | $369 | $797 | $1,500 | $2,436 |
Source: Ownwell