Lorman, Mississippi Property Taxes
The median property tax rate in Lorman, MS is 1.71%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lorman at $43,190, the typical annual property tax bill reaches $389, which is significantly lower than the national median of $2,690. Property taxes in Lorman are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lorman'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 Lorman 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
Lorman, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$739
Ownwell’s Lorman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lorman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lorman 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 Lorman, Mississippi
Property taxes in Lorman, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lorman is 0.52%, which is higher than both the Mississippi state median of 0.52% and the U.S. national median of 0.99%. Local government entities within Lorman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lorman 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 Lorman's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39096 zip code has the highest median property tax rate of 0.52%, while the 39096 zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Lorman provides valuable insights into the varying tax landscape across Claiborne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lorman Tax Rate
1.71%
Average Claiborne County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lorman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39096 | 0.62% | 0.74% | 1.71% | 1.71% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Lorman, Mississippi
In Lorman, 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 Claiborne 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 Lorman, 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 Lorman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $389 in the 39096 zip code, while the lowest median tax bill is also $389 in the same zip code.
Average Lorman Assessed Value
$43,190
Average Claiborne County Assessed Value
$33,925
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lorman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39096 | $8,088 | $16,262 | $43,190 | $83,055 | $138,768 |
Source: Ownwell
Property Tax Bills Across Lorman, Mississippi
In Lorman, Claiborne 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 Lorman is $43,190. Property taxes are then determined by applying the local tax rate to this assessed value. For example, if the assessed value is a percentage of the median home price, the resulting tax bill can vary significantly. Homeowners in Lorman see a wide range in their property tax bills. The 25th percentile tax bill is $155, while the 75th percentile tax bill is $848. At the higher end, the 90th percentile tax bill reaches $1,523. These variations are influenced by factors such as property improvements, location, and applicable exemptions. Compared to the national median property tax rate of 0.99%, Lorman's property tax rates are relatively modest, offering some relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Lorman Tax Bill
$389
Average Claiborne County Tax Bill
$375
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lorman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39096 | $100 | $155 | $389 | $848 | $1,523 |
Source: Ownwell