Brookhaven, Mississippi Property Taxes
The median property tax rate in Brookhaven, MS is 0.85%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Brookhaven at $43,692, the typical annual property tax bill amounts to $371, well below the national median of $2,690. Property taxes in Brookhaven are calculated based on the tax assessed value, often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Brookhaven'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 Brookhaven 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
Brookhaven, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$371
$345
Ownwell’s Brookhaven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookhaven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookhaven 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 Brookhaven, Mississippi
Property taxes in Brookhaven, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookhaven is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Brookhaven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookhaven 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 Brookhaven's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39601 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Brookhaven provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookhaven Tax Rate
0.85%
Average Lawrence County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | 0.83% | 0.84% | 0.85% | 0.97% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Brookhaven, Mississippi
In Brookhaven, 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 Lawrence 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. 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. The median home price in Brookhaven is $43,692, with tax bills ranging from $347 at the 25th percentile to $430 at the 90th percentile. The highest and lowest median tax bills are both $371, found in zip code 39601. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brookhaven Assessed Value
$43,692
Average Lawrence County Assessed Value
$54,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | $32,516 | $36,707 | $43,692 | $48,599 | $51,543 |
Source: Ownwell
Property Tax Bills Across Brookhaven, Mississippi
In Brookhaven, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Brookhaven is $43,692. Property taxes are then determined by applying the local tax rate to this assessed value. For instance, the 25th percentile tax bill is $347, while the 75th percentile tax bill is $408. The 90th percentile tax bill reaches up to $430. These figures indicate that most homeowners in Brookhaven pay between $347 and $430 annually in property taxes. Factors such as property improvements, neighborhood developments, and changes in the local tax rate can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Brookhaven's property tax rates are relatively low. This lower tax burden can make homeownership more affordable, but it also means that local government services may rely on other funding sources to meet community needs. Homeowners should stay informed about any changes in property assessments and tax rates to anticipate future tax obligations.
Average Brookhaven Tax Bill
$371
Average Lawrence County Tax Bill
$556
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookhaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39601 | $333 | $347 | $371 | $408 | $430 |
Source: Ownwell