Meadville, Franklin County, Mississippi Property Taxes
The median property tax rate in Meadville, Mississippi is 1.08%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Meadville, the typical annual property tax bill reaches $577, which is below the national median of $2,690. Property taxes in Meadville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Meadville'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 Meadville 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
Meadville, Franklin County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$611
$567
Ownwell’s Meadville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Meadville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Meadville 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 Meadville, Franklin County, Mississippi
Property taxes in Meadville, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Meadville is 0.72%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Meadville set these rates annually, and they can vary across different neighborhoods. Each year, Meadville 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 Meadville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39653 zip code has the highest median property tax rate of 0.72%, while the same zip code also has the lowest median tax rate of 0.72%. Understanding how these cities compare with Meadville 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 Meadville Tax Rate
1.08%
Average Franklin County Tax Rate
1.37%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Meadville, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39653 | 0.36% | 0.76% | 1.08% | 1.74% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Meadville, Franklin County, Mississippi
In Meadville, 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 Meadville, 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 Meadville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39653 has both the highest and lowest median tax bills at $577.
Property Tax Assessment Values Across Meadville, Franklin County, Mississippi
Source: Ownwell
$35,765
$59,740
$83,715
Average Meadville Assessed Value
$56,560
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 Meadville, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39653 | $16,404 | $31,810 | $56,560 | $91,840 | $135,222 |
Source: Ownwell
Property Tax Bills Across Meadville, Franklin County, Mississippi
In Meadville, property tax bills are calculated based on the assessed value of a home, which is determined by the Franklin County tax assessor. This assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed figure to determine the final tax bill. For homeowners in Meadville, the median home price is $56,560. Property tax bills can vary significantly, with the 25th percentile tax bill at $316 and the 75th percentile at $1,029. The 90th percentile tax bill reaches up to $1,689, indicating a wide range in tax obligations. Factors considered in the calculation include the home's market value, any applicable exemptions, and the local tax rate. The highest median tax bill in the area is $577, which is also the lowest median tax bill, both found in the 39653 zip code. Compared to the national median property tax rate of 0.99%, Meadville's rates can significantly impact homeowners, affecting affordability and long-term financial planning.
Average Meadville Tax Bill
$577
Average Franklin County Tax Bill
$566
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Meadville, Franklin County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39653 | $131 | $316 | $577 | $1,029 | $1,689 |
Source: Ownwell