Bailey, Mississippi Property Taxes
The median property tax rate in Bailey, MS is 1.04%, 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 Bailey at $93,520, the typical annual property tax bill reaches $1,005, which is below the national median of $2,690. Property taxes in Bailey are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bailey'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 Bailey 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
Bailey, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$973
$903
Ownwell's Bailey Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Bailey. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bailey to provide an accurate estimate of your property tax bill. This intuitive tool helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Lauderdale County for tax purposes, taking into account any applicable exemptions.
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 1.04%, 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 counties in Mississippi and the national median. For comparison, the 39320 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Bailey provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
1.04%
Average Lauderdale County Tax Rate
1.54%
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 | 0.57% | 0.78% | 1.04% | 1.78% | 1.78% |
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 Lauderdale 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. For example, the median home price in Bailey is $93,520, with tax bills ranging from $481 at the 25th percentile to $2,997 at the 90th percentile. The highest and lowest median tax bills, both at $1,005, are found in the 39320 zip code. Being aware of these valuation processes in Bailey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bailey Assessed Value
$93,520
Average Lauderdale County Assessed Value
$61,125
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 | $20,255 | $47,388 | $93,520 | $171,158 | $258,899 |
Source: Ownwell
Property Tax Bills Across Bailey, Mississippi
In Bailey, property tax bills are calculated based on the assessed value of a home, which is determined by the Lauderdale County tax assessor. The assessed value is usually a percentage of the property's market value. Homeowners in Bailey pay property taxes that contribute to local services such as schools, infrastructure, and emergency services. The median home price in Bailey is $93,520, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $481, while the 75th percentile tax bill reaches $1,901. At the higher end, the 90th percentile tax bill can go up to $2,997. The highest median tax bill within the zip code 39320 is $1,005. Compared to the national median property tax rate of 0.99%, Bailey homeowners may find their tax bills relatively manageable. However, these taxes are crucial for maintaining and improving community resources, directly impacting the quality of life for residents.
Average Bailey Tax Bill
$1,005
Average Lauderdale County Tax Bill
$844
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 | $258 | $481 | $1,005 | $1,901 | $2,997 |
Source: Ownwell