Tremont, Mississippi Property Taxes
The median property tax rate in Tremont, MS is 1.09%, 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 Tremont at $52,740, the typical annual property tax bill is $534, which is significantly below the national median of $2,690. Property taxes in Tremont are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Tremont'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 Tremont 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
Tremont, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$575
Ownwell’s Tremont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tremont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tremont 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 Tremont, Mississippi
Property taxes in Tremont, Mississippi, play a crucial role in financing essential local services like public schools, road maintenance, and emergency services. The median tax rate in Tremont is 1.09%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Tremont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tremont 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 Tremont's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38876 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Tremont 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 Tremont Tax Rate
1.09%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tremont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38876 | 0.61% | 0.89% | 1.09% | 1.94% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Tremont, Mississippi
In TREMONT, 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. 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 TREMONT helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in TREMONT is $534.00, found in the 38876 zip code.
Average Tremont Assessed Value
$52,740
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 Tremont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38876 | $10,601 | $25,448 | $52,740 | $79,160 | $110,468 |
Source: Ownwell
Property Tax Bills Across Tremont, Mississippi
In Tremont, located in Itawamba County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tremont is $52,740. Property taxes are determined by applying the local tax rate to this assessed value. Factors influencing the tax bill include the property's location, market value, and any applicable exemptions or abatements. Homeowners in Tremont experience a range of property tax bills. The 25th percentile tax bill is $248, while the 75th percentile reaches $955. At the 90th percentile, the tax bill can go up to $1,500. The median tax bill in the 38876 zip code is $534, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services. For homeowners, understanding how their tax bill is calculated helps in budgeting and financial planning, ensuring they are prepared for their annual obligations.
Average Tremont Tax Bill
$534
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tremont, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38876 | $127 | $248 | $534 | $955 | $1,500 |
Source: Ownwell