Lamar, Benton County, Mississippi Property Taxes
The median property tax rate in Lamar, MS is 1.92%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lamar, the typical annual property tax bill reaches $300, which is notably lower than the national median of $2,690. Property taxes in Lamar 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. Understanding Lamar's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lamar 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
Lamar, Benton County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$541
$502
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Benton County, Mississippi
Property taxes in Lamar, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.68%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38642 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these cities compare with Lamar provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
1.92%
Average Benton County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | 0.84% | 1.00% | 1.92% | 1.93% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Benton County, Mississippi
In Lamar, 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 Lamar, 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 Lamar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 38642, while the lowest median tax bill is also found in 38642.
Property Tax Assessment Values Across Lamar, Benton County, Mississippi
Source: Ownwell
$14,120
$22,280
$30,440
Average Lamar Assessed Value
$28,190
Average Benton County Assessed Value
$21,390
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | $1,414 | $6,150 | $28,190 | $56,260 | $91,038 |
Source: Ownwell
Property Tax Bills Across Lamar, Benton County, Mississippi
In Lamar, located in Benton County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Lamar is $28,190. Property taxes take into account various factors, including the property's assessed value and the local tax rate. The national median property tax rate is 0.99%, but local rates can vary. For homeowners in Lamar, tax bills can differ significantly. The 25th percentile tax bill is $79, while the 75th percentile tax bill rises to $708, and the 90th percentile tax bill reaches $1,357. This range illustrates how property taxes can impact homeowners differently based on their property's assessed value. The highest and lowest median tax bills in the area are both $300, indicating some consistency in tax rates within certain zip codes. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Lamar Tax Bill
$300
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38642 | $16 | $79 | $300 | $708 | $1,357 |
Source: Ownwell