Laurel, Mississippi Property Taxes
The median property tax rate in Laurel, MS is 1.56%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Laurel, the typical annual property tax bill reaches $369, which is significantly lower than the national median of $2,690. Property taxes in Laurel 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 Laurel'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 Laurel 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
Laurel, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$646
Ownwell’s Laurel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurel 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 Laurel, Mississippi
Property taxes in Laurel, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurel is 1.56%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Laurel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurel 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 Laurel's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39443 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Laurel provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laurel Tax Rate
1.56%
Average Wayne County Tax Rate
1.56%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurel, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39443 | 0.50% | 0.77% | 1.56% | 1.59% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Laurel, Mississippi
In Laurel, 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 Wayne 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 Laurel, 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 Laurel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Laurel is $369.00 in the 39443 zip code, while the lowest median tax bill is also $369.00 in the same zip code.
Average Laurel Assessed Value
$41,390
Average Wayne County Assessed Value
$30,525
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laurel, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39443 | $4,265 | $8,755 | $41,390 | $97,878 | $161,070 |
Source: Ownwell
Property Tax Bills Across Laurel, Mississippi
In Laurel, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $41,390, homeowners can expect varying tax bills depending on the assessed value and applicable tax rate. Factors such as property location, size, and improvements can influence the assessed value. In Laurel, tax bills can range significantly, with the 25th percentile at $126 and the 75th percentile at $854. The 90th percentile sees tax bills as high as $1,524. These property taxes play a crucial role in funding essential services like schools, public safety, and infrastructure. Homeowners should be aware of their tax obligations to manage their finances effectively. Compared to the national median property tax rate of 0.99%, Laurel's rates provide a more affordable option for residents, reflecting the local economic conditions and property values.
Average Laurel Tax Bill
$369
Average Wayne County Tax Bill
$321
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurel, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39443 | $62 | $126 | $369 | $854 | $1,524 |
Source: Ownwell