Brooklyn, Mississippi Property Taxes
The median property tax rate in Brooklyn, Mississippi is 1.11%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $36,595 in Brooklyn, the typical annual property tax bill amounts to $382, significantly below the national median of $2,690. Property taxes in Brooklyn are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Brooklyn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Brooklyn or another part of Forrest County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brooklyn, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$406
$377
Ownwell’s Brooklyn Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Brooklyn with just two data inputs. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brooklyn to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-specific trends, additional localized information is available below. Your property’s assessed value is the figure assigned by the county for tax calculations, considering any applicable exemptions.
Property Tax Rates Across Brooklyn, Mississippi
Property taxes in Brooklyn, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brooklyn is 1.11%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Brooklyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brooklyn 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 Brooklyn's effective property tax rate to other counties in Mississippi and the national median. For comparison, the ZIP code 39425 has the highest median property tax rate of 1.11%, while the same ZIP code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Brooklyn provides valuable insights into the varying tax landscape across Forrest County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brooklyn Tax Rate
1.11%
Average Forrest County Tax Rate
1.50%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brooklyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39425 | 0.65% | 0.81% | 1.11% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Brooklyn, Mississippi
In Brooklyn, 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 Forrest 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 Brooklyn, 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 Brooklyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $382.00, found in the zip code 39425.
Average Brooklyn Assessed Value
$36,595
Average Forrest County Assessed Value
$72,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brooklyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39425 | $11,699 | $20,172 | $36,595 | $71,790 | $121,359 |
Source: Ownwell
Property Tax Bills Across Brooklyn, Mississippi
In Brooklyn, Forrest County, MS, property tax bills are calculated based on the assessed value of your home, which is a fraction of its market value. The local tax rate is then applied to this assessed value to determine your annual tax bill. For instance, with a median home price of $36,595, homeowners can expect to pay property taxes that vary significantly. The 25th percentile tax bill is around $244, while the 75th percentile reaches up to $755. At the 90th percentile, homeowners might face a tax bill as high as $1,493. These figures highlight the range of property tax obligations depending on the home's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Brooklyn’s property tax rates can be relatively moderate, but they still represent a significant consideration for homeowners. Factors such as property improvements, neighborhood developments, and changes in local tax rates can further influence these annual costs. Understanding these elements helps homeowners anticipate and manage their property tax responsibilities effectively.
Average Brooklyn Tax Bill
$382
Average Forrest County Tax Bill
$1,069
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Brooklyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39425 | $130 | $244 | $382 | $755 | $1,493 |
Source: Ownwell