Lyon, Mississippi Property Taxes
The median property tax rate in Lyon, MS is 1.63%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lyon, the typical annual property tax bill reaches $570, which is below the national median of $2,690. Property taxes in Lyon are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lyon'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 Lyon or another part of Coahoma County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lyon, 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 Lyon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lyon with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lyon to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, ensuring you are well-informed before making any property decisions. For those interested in more granular insights, scroll down to explore neighborhood-level trends. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lyon, Mississippi
Property taxes in Lyon, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyon is 1.63%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lyon 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 Lyon's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38645 zip code has both the highest and lowest median property tax rate of 1.63%. Understanding how these areas compare with Lyon provides valuable insights into the varying tax landscape across Coahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lyon Tax Rate
1.63%
Average Coahoma County Tax Rate
1.87%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | 0.60% | 1.13% | 1.63% | 1.63% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Lyon, Mississippi
In Lyon, 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 Coahoma 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 Lyon, 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 Lyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lyon is $570 in the 38645 zip code, which is also the lowest median tax bill.
Average Lyon Assessed Value
$36,802
Average Coahoma County Assessed Value
$38,666
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | $12,110 | $23,269 | $36,802 | $77,227 | $147,839 |
Source: Ownwell
Property Tax Bills Across Lyon, Mississippi
In Lyon, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The tax rate applied to this assessed value determines the final tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and any applicable exemptions. For homeowners in Lyon, the median home price is $36,802. Tax bills can vary significantly, with the 25th percentile of tax bills at $215 and the 75th percentile at $1,460. At the 90th percentile, tax bills can reach as high as $2,954. Comparatively, the national median property tax rate is 0.99%, highlighting that Lyon's tax rates can be quite diverse. Homeowners in the zip code 38645 experience a median tax bill of $570, which is the highest in Coahoma County. Understanding these factors helps homeowners anticipate their property tax obligations and plan accordingly.
Average Lyon Tax Bill
$570
Average Coahoma County Tax Bill
$908
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | $101 | $215 | $570 | $1,460 | $2,954 |
Source: Ownwell