Meridian, Mississippi Property Taxes
The median property tax rate in Meridian, MS is 0.96%, slightly lower than the national median of 0.99% and significantly below the Mississippi state median of 1.31%. With the median home value in Meridian at $83,525, the typical annual property tax bill amounts to $726, well under the national median of $2,690. Property taxes in Meridian are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Meridian'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 Meridian 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
Meridian, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$802
$744
Ownwell’s Meridian Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meridian with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meridian 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 Meridian, Mississippi
Property taxes in Meridian, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meridian is 0.96%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Meridian set these rates annually, and they can vary significantly across different neighborhoods. Each year, Meridian 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 Meridian's effective property tax rate to other areas in Clarke County and the national median. For comparison, the 39301 zip code has the highest median property tax rate of 0.96%, while the 39307 zip code has the lowest median tax rate of 0.84%. Understanding how these cities compare with Meridian provides valuable insights into the varying tax landscape across Clarke County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Meridian Tax Rate
0.96%
Average Clarke County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meridian, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39301 | 0.41% | 0.74% | 0.96% | 1.16% | 1.69% |
| 39307 | 0.32% | 0.57% | 0.84% | 1.10% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Meridian, Mississippi
In Meridian, 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 Clarke 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 Meridian, 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 Meridian helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Meridian is $83,525. The highest median tax bill is $728 in the 39301 zip code, while the lowest median tax bill is $459 in the 39307 zip code.
Average Meridian Assessed Value
$83,525
Average Clarke County Assessed Value
$54,740
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Meridian, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39301 | $24,980 | $49,010 | $83,510 | $134,040 | $199,660 |
| 39307 | $28,630 | $44,830 | $85,380 | $122,730 | $156,306 |
Source: Ownwell
Property Tax Bills Across Meridian, Mississippi
In Meridian, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate set by Clarke County. For homeowners in Meridian, the median home price stands at $83,525. Property taxes can vary significantly; the tax bill for the 25th percentile is around $388, while the 75th percentile sees tax bills near $1,227. At the higher end, the 90th percentile tax bill reaches $2,022. Factors influencing property tax bills include the home's assessed value, the local tax rate, and any applicable exemptions or abatements. For instance, the highest median tax bill in the area is $728 in zip code 39301, while the lowest is $459 in zip code 39307. Compared to the national median property tax rate of 0.99%, Meridian's property taxes can be relatively moderate, offering some relief to homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Meridian Tax Bill
$726
Average Clarke County Tax Bill
$608
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Meridian, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39301 | $200 | $388 | $728 | $1,227 | $2,029 |
| 39307 | $253 | $326 | $459 | $1,064 | $1,530 |
Source: Ownwell