University, Mississippi Property Taxes
The median property tax rate in UNIVERSITY, MS is 1.60%, significantly higher than both the national median of 0.99% and Mississippi's state median of 1.31%. With a median home value of $26,335 in UNIVERSITY, the typical annual property tax bill amounts to $735, which is considerably lower than the national median of $2,690. Property taxes in UNIVERSITY are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding UNIVERSITY'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 UNIVERSITY or another part of Lafayette County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
University, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$421
Ownwell’s UNIVERSITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in UNIVERSITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in UNIVERSITY 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 University, Mississippi
Property taxes in University, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in University is 1.60%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within University set these rates annually, and they can vary significantly across different neighborhoods. Each year, University 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 University's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38677 zip code has the highest median property tax rate of 1.60%, while the same zip code also has the lowest median tax rate of 1.60%. Understanding how these areas compare with University provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average University Tax Rate
1.60%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across University, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38677 | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across University, Mississippi
In University, 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 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 University, 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 University helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the city are both $735, with the zip code 38677 having this value.
Average University Assessed Value
$26,335
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 University, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38677 | $10,739 | $16,588 | $26,335 | $36,082 | $41,931 |
Source: Ownwell
Property Tax Bills Across University, Mississippi
In UNIVERSITY, located in Lafayette County, MS, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by the local tax assessor. For instance, with a median home price of $26,335, homeowners can expect their property tax bills to be around $735, regardless of whether they're in the 25th, 75th, or 90th percentile. This uniformity stems from the specific tax rates and assessments applied within the area. Factors influencing the tax bill include the property's location, its assessed value, and the local tax rate. For UNIVERSITY, the property tax rate is effectively higher than the national median property tax rate of 0.99%, which significantly impacts homeowners by increasing their annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they can manage their property tax responsibilities effectively.
Average University Tax Bill
$735
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across University, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38677 | $735 | $735 | $735 | $735 | $735 |
Source: Ownwell