Vardaman, Mississippi Property Taxes
The median property tax rate in Vardaman, MS is 0.96%, slightly lower than the national median of 0.99% but significantly below the Mississippi state median of 1.31%. With a median home value of $51,907 in Vardaman, the typical annual property tax bill amounts to $545, which is much less than the national median of $2,690. Property taxes in Vardaman are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Vardaman'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 Vardaman 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
Vardaman, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$498
$462
Ownwell’s Vardaman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vardaman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vardaman 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 Vardaman, Mississippi
Property taxes in Vardaman, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vardaman is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Vardaman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vardaman 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 Vardaman's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38878 has the highest median property tax rate of 0.96%, while the same zip code also has the lowest median tax rate of 0.96%. Understanding how these areas compare with Vardaman 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 Vardaman Tax Rate
0.96%
Average Calhoun County Tax Rate
1.03%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | 0.53% | 0.78% | 0.96% | 1.79% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Vardaman, Mississippi
In Vardaman, 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 Vardaman, 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 Vardaman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38878 has the highest and lowest median tax bill at $545, reflecting the local property tax landscape.
Average Vardaman Assessed Value
$51,907
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 Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | $14,886 | $30,988 | $51,907 | $81,555 | $133,790 |
Source: Ownwell
Property Tax Bills Across Vardaman, Mississippi
In Vardaman, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. Typically, the assessed value is a percentage of the market value of the property. For homeowners in Vardaman, the median home price is $51,907. Property tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, Vardaman's property tax bills range from the 25th percentile at $305 to the 75th percentile at $936, with the 90th percentile reaching up to $1,606. This variation demonstrates how different properties can have significantly different tax obligations. The median property tax rate in Vardaman is 1.05%, slightly above the national median of 0.99%. This means that homeowners in Vardaman may pay a bit more in property taxes compared to the national average, impacting their overall housing costs and financial planning.
Average Vardaman Tax Bill
$545
Average Calhoun County Tax Bill
$645
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Vardaman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38878 | $133 | $305 | $545 | $936 | $1,606 |
Source: Ownwell