Gloster, Mississippi Property Taxes
The median property tax rate in Gloster, MS is 1.97%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Gloster at $13,186, the typical annual property tax bill reaches $239, which is below the national median of $2,690. Property taxes in Gloster are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Gloster'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 Gloster 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
Gloster, 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 Gloster Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gloster with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gloster 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 Gloster, Mississippi
Property taxes in Gloster, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gloster is 1.97%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Gloster set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gloster 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 Gloster's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39638 zip code has the highest median property tax rate of 1.97%, while the same zip code also has the lowest median tax rate of 1.97%. Understanding how these cities compare with Gloster provides valuable insights into the varying tax landscape across Wilkinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gloster Tax Rate
1.97%
Average Wilkinson County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gloster, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39638 | 1.92% | 1.93% | 1.97% | 1.97% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Gloster, Mississippi
In Gloster, 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 Wilkinson County Assessor 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 Gloster, 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 Gloster 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 $239.00, found in the 39638 zip code.
Average Gloster Assessed Value
$13,186
Average Wilkinson County Assessed Value
$17,148
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gloster, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39638 | $1,616 | $3,585 | $13,186 | $34,922 | $89,425 |
Source: Ownwell
Property Tax Bills Across Gloster, Mississippi
In Gloster, located in Wilkinson County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Gloster can expect a wide range of property tax bills. For instance, the 25th percentile tax bill is around $70, while the 75th percentile is approximately $633. Those in the 90th percentile may see tax bills as high as $1,416. The median home price in Gloster is $13,186, which is significantly lower than national averages, reflecting the modest property values in the area. These property tax bills impact homeowners by influencing their overall housing costs. Lower property values in Gloster result in generally lower tax bills compared to national standards. However, even within this small town, there can be significant variation in tax obligations, depending on the specific property's assessed value.
Average Gloster Tax Bill
$239
Average Wilkinson County Tax Bill
$242
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Gloster, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39638 | $32 | $70 | $239 | $633 | $1,416 |
Source: Ownwell