Bruce, Mississippi Property Taxes
The median property tax rate in Bruce, MS is 0.78%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Bruce at $67,625, the typical annual property tax bill amounts to $437, well below the national median of $2,690. Property taxes in Bruce are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bruce'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 Bruce 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
Bruce, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$527
$489
Ownwell’s Bruce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bruce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bruce 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 Bruce, Mississippi
Property taxes in Bruce, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruce is 0.78%, lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Bruce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruce 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. Understanding how Bruce's tax rate compares with other areas in Mississippi and the national median provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruce Tax Rate
0.78%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | 0.25% | 0.56% | 0.78% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Bruce, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bruce, Mississippi. 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 Lafayette 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 Bruce, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bruce, the zip code 38915 has the median tax bill of $437, which is the same for both the highest and lowest median tax bills.
Average Bruce Assessed Value
$67,625
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 Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | $29,690 | $39,448 | $67,625 | $91,928 | $101,790 |
Source: Ownwell
Property Tax Bills Across Bruce, Mississippi
In Bruce, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $67,625, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $230, while those in the 75th percentile might see bills as high as $816. At the 90th percentile, tax bills can reach up to $1,146. These variations are influenced by factors such as property size, location, and improvements. In Lafayette County, where Bruce is located, the highest and lowest median tax bills are both $437, indicating some consistency within the region. Compared to the national median property tax rate of 0.99%, Bruce's property taxes can be relatively manageable for homeowners. Understanding these factors can help residents anticipate their property tax obligations and plan their finances accordingly.
Average Bruce Tax Bill
$437
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruce, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38915 | $182 | $230 | $437 | $816 | $1,146 |
Source: Ownwell