Guntown, Mississippi Property Taxes
The median property tax rate in Guntown, MS is 1.33%, slightly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Guntown at $91,260, the typical annual property tax bill reaches $1,197, which is below the national median of $2,690. Property taxes in Guntown 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 Guntown'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 Guntown 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
Guntown, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Guntown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Guntown with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Guntown to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, you can explore trends at a neighborhood level by scrolling down. Your property’s assessed value is the figure assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Guntown, Mississippi
Property taxes in Guntown, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guntown is 0.75%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Guntown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guntown 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 Guntown's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38849 has the highest median property tax rate of 0.75%, while the lowest median tax rate is also 0.75%. Understanding how these areas compare with Guntown provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guntown Tax Rate
1.33%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | 1.07% | 1.08% | 1.33% | 1.61% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Guntown, Mississippi
In Guntown, 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 Lee 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. Being aware of these valuation processes in Guntown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 38849 zip code has the highest median tax bill at $1,197, while the lowest median tax bill is also $1,197.
Average Guntown Assessed Value
$91,260
Average Lee County Assessed Value
$101,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | $26,310 | $48,555 | $91,260 | $149,715 | $215,068 |
Source: Ownwell
Property Tax Bills Across Guntown, Mississippi
In Guntown, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. Factors such as location, property size, and home improvements play a significant role in determining this value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. Homeowners in Guntown can expect a range of tax bills. For instance, those in the 25th percentile pay around $640, while those in the 75th percentile face bills closer to $1,933. At the higher end, the 90th percentile tax bill reaches approximately $2,717. With the median home price at $91,260, the tax burden can vary significantly depending on the specific characteristics of the property. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners anticipate their financial obligations and plan accordingly.
Average Guntown Tax Bill
$1,197
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Guntown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38849 | $350 | $640 | $1,197 | $1,933 | $2,717 |
Source: Ownwell