Mantachie, Mississippi Property Taxes
The median property tax rate in Mantachie, MS is 1.07%, 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 Mantachie at $74,740, the typical annual property tax bill reaches $917, which is significantly below the national median of $2,690. Property taxes in Mantachie 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 Mantachie'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 Mantachie or another part of Lee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mantachie, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$800
Ownwell’s Mantachie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mantachie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mantachie 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 Mantachie, Mississippi
Property taxes in Mantachie, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mantachie is 0.52%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Mantachie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mantachie 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 Mantachie's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38855 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Mantachie provides valuable insights into the varying tax landscape across Itawamba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mantachie Tax Rate
1.07%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mantachie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | 1.07% | 1.07% | 1.07% | 1.08% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Mantachie, Mississippi
In Mantachie, 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. In Mantachie, 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 Mantachie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mantachie is $917 in the 38855 zip code, while the lowest median tax bill is also $917 in the same zip code.
Average Mantachie Assessed Value
$74,740
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 Mantachie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | $27,840 | $65,060 | $74,740 | $107,510 | $151,940 |
Source: Ownwell
Property Tax Bills Across Mantachie, Mississippi
In Mantachie, located in Lee County, MS, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. Factors such as the property's size, location, and condition can influence its market value. For example, with a median home price of $74,740, homeowners in Mantachie can expect varying tax bills. The 25th percentile tax bill is around $747, while the 75th percentile tax bill reaches approximately $1,203. At the 90th percentile, the tax bill can be as high as $1,630. The highest and lowest median tax bills in the area are both $917, which falls within the zip code 38855. These property taxes fund essential local services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated and the factors that influence them can help homeowners better manage their financial planning and obligations.
Average Mantachie Tax Bill
$917
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mantachie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | $332 | $747 | $917 | $1,203 | $1,630 |
Source: Ownwell