Bude, Franklin County, Mississippi Property Taxes
The median property tax rate in Bude, MS is 1.75%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Bude at $35,765, the typical annual property tax bill reaches $467, which is significantly lower than the national median of $2,690. Property taxes in Bude 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 Bude'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 Bude 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
Bude, Franklin County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$626
$581
Ownwell's Bude Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bude with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bude 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 Bude, Franklin County, Mississippi
Property taxes in Bude, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bude is 1.75%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Bude set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bude 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 Bude's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39630 has both the highest and lowest median property tax rate of 1.75%. Understanding how these cities compare with Bude provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bude Tax Rate
1.75%
Average Franklin County Tax Rate
1.37%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bude, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39630 | 0.59% | 1.09% | 1.75% | 2.25% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Bude, Franklin County, Mississippi
In Bude, 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 Franklin 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 Bude, 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 Bude 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 $467, found in zip code 39630.
Property Tax Assessment Values Across Bude, Franklin County, Mississippi
Source: Ownwell
$35,765
$59,740
$83,715
Average Bude Assessed Value
$35,765
Average Franklin County Assessed Value
$51,050
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bude, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39630 | $7,646 | $17,735 | $35,765 | $55,088 | $85,917 |
Source: Ownwell
Property Tax Bills Across Bude, Franklin County, Mississippi
In Bude, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine your annual tax bill. Factors such as home size, location, and market conditions play a significant role in determining the assessed value. For example, the median home price in Bude is $35,765. Homeowners in the 25th percentile can expect a tax bill around $211, while those in the 75th percentile might see bills closer to $794. At the 90th percentile, tax bills can reach up to $1,239. Comparatively, Franklin County's highest and lowest median tax bills are both $467, indicating a relatively consistent tax rate across the region. These property taxes fund essential services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these factors influence your tax bill can help you better manage your finances and plan for future expenses.
Average Bude Tax Bill
$467
Average Franklin County Tax Bill
$566
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bude, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39630 | $85 | $211 | $467 | $794 | $1,239 |
Source: Ownwell