Silver Creek, Lawrence County, Mississippi Property Taxes
The median property tax rate in Silver Creek, MS, is 1.18%, which is notably higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $51,499 in Silver Creek, the typical annual property tax bill amounts to $498, significantly below the national median of $2,690. Property taxes in Silver Creek are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Silver Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Silver Creek or another part of Lawrence County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silver Creek, Lawrence County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$608
$564
Ownwell’s Silver Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Creek 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 Silver Creek, Lawrence County, Mississippi
Property taxes in Silver Creek, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Creek is 1.18%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Silver Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Creek 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 Silver Creek's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39663 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Silver Creek 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 Silver Creek Tax Rate
1.18%
Average Lawrence County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silver Creek, Lawrence County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39663 | 0.42% | 0.83% | 1.18% | 1.85% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Silver Creek, Lawrence County, Mississippi
In Silver Creek, 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. In Silver Creek, 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 Silver Creek 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 area are both found in zip code 39663, each at $498.
Property Tax Assessment Values Across Silver Creek, Lawrence County, Mississippi
Source: Ownwell
$35,490
$46,365
$57,240
Average Silver Creek Assessed Value
$51,499
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 Silver Creek, Lawrence County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39663 | $7,424 | $26,002 | $51,499 | $77,685 | $111,413 |
Source: Ownwell
Property Tax Bills Across Silver Creek, Lawrence County, Mississippi
In Silver Creek, located in Lawrence County, MS, property tax bills are determined based on the assessed value of a property, which is a percentage of its market value. For instance, the median home price in Silver Creek is $51,499. The tax rate is applied to this assessed value to calculate the annual tax bill. Factors that influence the tax bill include the property's assessed value, any applicable exemptions, and the local tax rate. Homeowners in Silver Creek can expect varying tax bills depending on their property's assessed value and any exemptions they qualify for. For example, the 25th percentile tax bill is $237, while the 75th percentile tax bill is $896, and the 90th percentile tax bill reaches $1,313. Comparatively, the highest and lowest median tax bills in the area are both $498, indicating some consistency in property tax rates within the region. These tax bills directly impact homeowners by influencing their annual expenses and potentially affecting their ability to maintain or sell their properties.
Average Silver Creek Tax Bill
$498
Average Lawrence County Tax Bill
$556
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Creek, Lawrence County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39663 | $88 | $237 | $498 | $896 | $1,313 |
Source: Ownwell