Fulton, Mississippi Property Taxes
The median property tax rate in Fulton, MS is 1.08%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $64,390 in Fulton, the typical annual property tax bill amounts to $729, which is significantly below the national median of $2,690. Property taxes in Fulton are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fulton'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 Fulton or another part of Itawamba County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fulton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$695
$645
Ownwell’s Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton 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 Fulton, Mississippi
Property taxes in Fulton, Mississippi, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 1.08%, higher than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton 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 Fulton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38843 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Fulton provides valuable insights into the varying tax landscape across Itawamba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
1.08%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38843 | 0.51% | 0.89% | 1.08% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Mississippi
In Fulton, 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 Itawamba 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 Fulton, 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. For instance, the median home price in Fulton is $64,390, with tax bills ranging from $413 at the 25th percentile to $1,976 at the 90th percentile. The highest and lowest median tax bills, both at $729, are found in the 38843 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fulton Assessed Value
$64,390
Average Itawamba County Assessed Value
$62,360
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38843 | $15,692 | $40,682 | $64,390 | $98,820 | $159,152 |
Source: Ownwell
Property Tax Bills Across Fulton, Mississippi
In Fulton, located within Itawamba County, Mississippi, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value determined by the local tax assessor. For homeowners in Fulton, the median home price is $64,390. The property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, home improvements, and any applicable exemptions. In Fulton, the tax bill varies significantly, with the 25th percentile at $413 and the 75th percentile at $1,242. At the 90th percentile, homeowners might see bills as high as $1,976. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Fulton's property tax rates can offer a relatively affordable option for homeowners, ensuring essential community services are funded while maintaining manageable tax obligations.
Average Fulton Tax Bill
$729
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38843 | $154 | $413 | $729 | $1,242 | $1,976 |
Source: Ownwell