Michigan City, Mississippi Property Taxes
The median property tax rate in Michigan City, MS is 1.92%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Michigan City at $30,440, the typical annual property tax bill reaches $340, which is significantly lower than the national median of $2,690. Property taxes in Michigan City are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Michigan City'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 Michigan City or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Michigan City, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$584
$542
Ownwell’s Michigan City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Michigan City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Michigan City 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 Michigan City, Mississippi
Property taxes in Michigan City, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Michigan City is 1.92%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Michigan City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Michigan City 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 Michigan City's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38647 zip code has the highest median property tax rate of 1.92%, while the same 38647 zip code has the lowest median tax rate of 1.92%. Understanding how these areas compare with Michigan City 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 Michigan City 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 Michigan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38647 | 0.87% | 1.14% | 1.92% | 1.94% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Michigan City, Mississippi
In Michigan City, 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 Benton 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. 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 Michigan City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $30,440, with tax bills varying widely, from the 25th percentile at $80 to the 90th percentile at $1,600. The zip code 38647 has the highest and lowest median tax bill at $340.
Property Tax Assessment Values Across Michigan City, Mississippi
Source: Ownwell
$14,120
$40,700
$67,280
Average Michigan City Assessed Value
$30,440
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 Michigan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38647 | $1,243 | $6,075 | $30,440 | $60,445 | $107,444 |
Source: Ownwell
Property Tax Bills Across Michigan City, Mississippi
In Michigan City, Benton County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this value is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Michigan City, the median home price is $30,440, and the tax rate applied is reflective of Mississippi's overall property tax structure. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $80, making it relatively affordable for some homeowners, while at the 75th percentile, it rises to $838, and at the 90th percentile, it can be as high as $1,600. This variation significantly impacts homeowners, particularly those with higher-valued properties. The highest median tax bill in the area is $340, which can be found in the zip code 38647. By understanding these factors, homeowners can better anticipate their property tax obligations and plan accordingly.
Average Michigan City Tax Bill
$340
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Michigan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38647 | $20 | $80 | $340 | $838 | $1,600 |
Source: Ownwell