Guntown, Mississippi Property Taxes
The median property tax rate in Guntown, MS is 1.07%, 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 $87,220 in Guntown, the typical annual property tax bill amounts to $1,187, falling below the national median of $2,690. Property taxes in Guntown are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Guntown'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 Guntown 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
Guntown, 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 Guntown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guntown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guntown 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 Guntown, Mississippi
Property taxes in Guntown, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guntown is 0.65%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Guntown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guntown 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 Guntown's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38849 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Guntown 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 Guntown Tax Rate
1.07%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | 0.81% | 0.92% | 1.07% | 1.11% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Guntown, Mississippi
In Guntown, 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 Guntown, 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. The median home price in Guntown is $87,220, with the 25th percentile tax bill at $639 and the 75th percentile tax bill at $1,343. Being aware of these valuation processes in Guntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Guntown Assessed Value
$87,220
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 Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | $51,320 | $65,740 | $87,220 | $117,380 | $156,820 |
Source: Ownwell
Property Tax Bills Across Guntown, Mississippi
In Guntown, property tax bills are calculated based on the assessed value of a home, which is determined by the Itawamba County tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in this region experience a range of property tax bills, with the 25th percentile paying around $639 and the 75th percentile paying approximately $1343 annually. The 90th percentile sees tax bills as high as $1926. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. These elements combine to determine the final amount owed. Compared to the national median property tax rate of 0.99%, the tax burdens in Guntown can be relatively manageable for many homeowners. However, the impact on homeowners varies, with those in higher-valued properties paying significantly more. Understanding these factors can help residents better anticipate their annual property tax obligations and manage their finances accordingly.
Average Guntown Tax Bill
$1,187
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | $413 | $639 | $1,187 | $1,343 | $1,926 |
Source: Ownwell