Carthage, Mississippi Property Taxes
The median property tax rate in Carthage, MS is 0.93%, which is below both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $62,922 in Carthage, the typical annual property tax bill is $620, significantly lower than the national median of $2,690. Property taxes in Carthage are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Carthage'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 Carthage 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
Carthage, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$585
Ownwell’s Carthage Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage to provide an estimated property tax bill. This user-friendly tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property's assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Carthage, Mississippi
Property taxes in Carthage, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carthage is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Carthage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39051 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Carthage provides valuable insights into the varying tax landscape across Attala County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Carthage Tax Rate
0.93%
Average Attala County Tax Rate
1.02%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | 0.62% | 0.65% | 0.93% | 1.55% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Mississippi
In Carthage, 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 local 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 Carthage, 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 Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Carthage is $62,922, with the 25th percentile tax bill at $339 and the 75th percentile tax bill at $1,694. The highest and lowest median tax bills are both $620 in the 39051 zip code.
Average Carthage Assessed Value
$62,922
Average Attala County Assessed Value
$55,740
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $15,627 | $33,660 | $62,922 | $111,551 | $218,201 |
Source: Ownwell
Property Tax Bills Across Carthage, Mississippi
In Carthage, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Various factors influence this valuation, including the property's size, location, and condition. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Homeowners in Carthage face a median property tax rate that aligns with the national median of 0.99%. For instance, a home with a median price of $62,922 would have a varying tax bill depending on its assessed value. In the 25th percentile, tax bills are around $339, while in the 75th percentile, they can go up to $1,694. At the 90th percentile, homeowners might see tax bills as high as $2,266. The highest and lowest median tax bills recorded in the area are both $620, indicating some consistency in tax assessments within the 39051 zip code. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners' annual financial planning.
Average Carthage Tax Bill
$620
Average Attala County Tax Bill
$625
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $177 | $339 | $620 | $1,694 | $2,266 |
Source: Ownwell