Bailey, Mississippi Property Taxes
The median property tax rate in Bailey, MS, is 1.17%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Bailey being $49,542, the typical annual property tax bill amounts to $475, which is significantly less than the national median of $2,690. Property taxes in Bailey are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Bailey's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Bailey or another part of the city, a thorough understanding of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Bailey, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$580
$538
Ownwell’s Bailey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey 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 Bailey, Mississippi
Property taxes in Bailey, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey is 1.17%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Bailey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bailey 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 Bailey's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39320 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these areas compare with Bailey provides valuable insights into the varying tax landscape across Kemper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
1.17%
Average Kemper County Tax Rate
1.45%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39320 | 0.59% | 0.63% | 1.17% | 1.51% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Bailey, Mississippi
In Bailey, 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 Kemper 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 Bailey, 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 Bailey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Bailey is 39320, with a median tax bill of $475.
Average Bailey Assessed Value
$49,542
Average Kemper County Assessed Value
$50,005
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39320 | $11,064 | $21,405 | $49,542 | $101,353 | $158,493 |
Source: Ownwell
Property Tax Bills Across Bailey, Mississippi
In Bailey, Kemper County, MS, 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 then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $49,542, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. In Bailey, the 25th percentile tax bill is $248, while the 75th percentile reaches $981, and the 90th percentile can go up to $1,545. This variation illustrates how different factors can significantly impact the amount homeowners owe. Compared to the national median property tax rate of 0.99%, Bailey's property tax bills are relatively moderate, providing a more affordable option for homeowners while still contributing to essential local services and infrastructure.
Average Bailey Tax Bill
$475
Average Kemper County Tax Bill
$395
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39320 | $122 | $248 | $475 | $981 | $1,545 |
Source: Ownwell