Lafayette County, Mississippi Property Taxes
The median property tax rate in Lafayette County is 1.26%, which is slightly lower than the Mississippi state median of 1.31% but still higher than the national median of 0.99%. With the median home value in Lafayette County, the typical annual property tax bill reaches $1,959, which is below the national median of $2,690. Property taxes in Lafayette County are calculated based on the tax assessed value, which often falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Lafayette County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Oxford or another part of Lafayette County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lafayette County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,916
$1,778
Ownwell’s Lafayette County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Lafayette County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Lafayette County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Lafayette County, Mississippi
Property taxes in Lafayette County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Lafayette County is 1.26%, which is higher than the U.S. national median of 0.99%. Local government entities within Lafayette County set these rates annually, and they can vary significantly between different areas within the county. Each year, Lafayette County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Lafayette County's effective property tax rate with other counties in the U.S. For comparison, the city of University has one of the higher property tax rates in the region at 1.60%, while the city of Banner boasts one of the lowest at 0.69%. Analyzing how Lafayette County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lafayette County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | 0.59% | 0.71% | 0.98% | 1.60% | 1.62% |
| Banner | 0.17% | 0.19% | 0.69% | 0.98% | 1.60% |
| Batesville | 0.63% | 0.66% | 1.49% | 1.60% | 1.60% |
| Bruce | 0.25% | 0.56% | 0.78% | 1.60% | 1.60% |
| Como | 0.65% | 0.72% | 1.60% | 1.60% | 1.60% |
| Etta | 0.59% | 0.67% | 0.84% | 1.60% | 1.60% |
| Oxford | 0.68% | 0.89% | 1.35% | 1.95% | 1.95% |
| Paris | 0.57% | 0.66% | 0.86% | 1.60% | 1.60% |
| Pontotoc | 0.13% | 0.66% | 0.83% | 1.60% | 1.60% |
| Taylor | 0.65% | 0.75% | 0.93% | 1.60% | 1.74% |
| Thaxton | 0.32% | 0.66% | 0.82% | 1.60% | 1.61% |
| University | N/A | N/A | N/A | N/A | N/A |
| Waterford | 0.63% | 0.72% | 0.95% | 1.60% | 1.60% |
| Water Valley | 0.48% | 0.67% | 0.88% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Lafayette County, Mississippi
In Lafayette County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Lafayette County Appraisal District. The assessed value, however, 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 in Lafayette County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Lafayette County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. In Lafayette County, Oxford has the highest median tax bill at $2,173, while Como has the lowest at $304. The median home price in the county is $152,030, with tax bills ranging from $1,032 at the 25th percentile to $5,058 at the 90th percentile.
Property Tax Assessment Values Across Lafayette County, Mississippi
Source: Ownwell
$28,390
$96,200
$164,010
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lafayette County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | $12,554 | $24,838 | $58,555 | $112,928 | $187,324 |
| Banner | $19,767 | $37,642 | $53,865 | $74,810 | $80,351 |
| Batesville | $11,294 | $17,850 | $38,000 | $67,835 | $111,168 |
| Bruce | $29,690 | $39,448 | $67,625 | $91,928 | $101,790 |
| Como | $9,142 | $15,065 | $28,390 | $61,668 | $100,054 |
| Etta | $13,606 | $22,440 | $71,820 | $119,310 | $211,216 |
| Oxford | $57,034 | $98,612 | $164,010 | $248,672 | $382,855 |
| Paris | $20,535 | $38,678 | $68,335 | $105,465 | $144,665 |
| Pontotoc | $36,098 | $45,430 | $79,480 | $101,190 | $214,604 |
| Taylor | $23,272 | $54,205 | $123,915 | $215,932 | $271,470 |
| Thaxton | $12,564 | $32,382 | $58,080 | $98,118 | $116,292 |
| University | N/A | N/A | N/A | N/A | N/A |
| Waterford | $12,390 | $19,950 | $50,820 | $92,745 | $158,900 |
| Water Valley | $15,878 | $36,220 | $80,160 | $143,450 | $225,950 |
Source: Ownwell
Property Tax Bills Across Lafayette County, Mississippi
In Lafayette County, Mississippi, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The county uses a specific assessment ratio to determine this assessed value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the final tax bill, including the property's location within the county and any applicable exemptions. For instance, the median home price in Lafayette County is $152,030, leading to varying tax bills across different percentiles. Homeowners at the 25th percentile pay around $1,032 annually, while those at the 75th percentile pay approximately $3,239. At the 90th percentile, the tax bill can reach up to $5,058. These tax bills directly impact homeowners, affecting their annual budgeting and long-term financial planning. For example, Oxford has the highest median tax bill at $2,173, while Como has the lowest at $304, showcasing the variability within the county.
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lafayette County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Abbeville | $133 | $296 | $629 | $1,241 | $2,020 |
| Banner | $125 | $177 | $314 | $423 | $968 |
| Batesville | $113 | $185 | $406 | $731 | $1,442 |
| Bruce | $182 | $230 | $437 | $816 | $1,146 |
| Como | $104 | $174 | $304 | $639 | $1,207 |
| Etta | $112 | $313 | $583 | $1,424 | $1,965 |
| Oxford | $568 | $1,283 | $2,173 | $3,429 | $5,319 |
| Paris | $151 | $343 | $646 | $1,218 | $1,654 |
| Pontotoc | $113 | $287 | $468 | $1,024 | $2,147 |
| Taylor | $225 | $520 | $1,502 | $2,112 | $3,611 |
| Thaxton | $98 | $270 | $438 | $891 | $1,270 |
| University | N/A | N/A | N/A | N/A | N/A |
| Waterford | $155 | $264 | $485 | $1,088 | $2,248 |
| Water Valley | $161 | $305 | $741 | $1,461 | $2,349 |
Source: Ownwell