Bruce, Mississippi Property Taxes
The median property tax rate in Bruce, MS is 1.05%, which is slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $59,785 in Bruce, the typical annual property tax bill amounts to $691, which is significantly lower than the national median of $2,690. Property taxes in Bruce are calculated based on the tax assessed value, often reduced by various exemptions such as those for primary residences and agricultural properties. Understanding Bruce'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 Bruce or another part of Calhoun County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bruce, 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 Bruce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruce 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 Bruce, Mississippi
Property taxes in Bruce, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruce is 0.88%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Bruce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruce 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 Bruce's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38915 zip code has the highest median property tax rate of 0.88%, while the same 38915 zip code has the lowest median tax rate of 0.88%. Understanding how these cities compare with Bruce provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruce Tax Rate
1.05%
Average Calhoun County Tax Rate
1.03%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | 0.46% | 0.79% | 1.05% | 1.79% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Bruce, Mississippi
In Bruce, 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 Calhoun 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 Bruce, 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. The median home price in Bruce is $59,785, with tax bills ranging from $393 at the 25th percentile to $1,977 at the 90th percentile. Zip code 38915 has the highest and lowest median tax bill of $691. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bruce Assessed Value
$59,785
Average Calhoun County Assessed Value
$55,127
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | $20,304 | $33,903 | $59,785 | $104,117 | $159,084 |
Source: Ownwell
Property Tax Bills Across Bruce, Mississippi
In Bruce, Calhoun 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 Bruce is $59,785. Local tax authorities determine the assessed value and apply the county's tax rate to calculate the annual tax bill. Factors such as property size, location, and condition influence the assessed value. Homeowners in Bruce can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $393, while the 75th percentile tax bill reaches $1,181. At the higher end, the 90th percentile tax bill is $1,977. The highest and lowest median tax bills in the area are both $691, found in zip code 38915. Compared to the national median property tax rate of 0.99%, Bruce's tax rates can be relatively moderate, yet they still impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Bruce Tax Bill
$691
Average Calhoun County Tax Bill
$645
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | $211 | $393 | $691 | $1,181 | $1,977 |
Source: Ownwell