Belzoni, Mississippi Property Taxes
The median property tax rate in Belzoni, MS is 1.83%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $63,278 in Belzoni, the typical annual property tax bill amounts to $554, which is lower than the national median of $2,690. Property taxes in Belzoni are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Belzoni'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 Belzoni or elsewhere in the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belzoni, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$1,158
$1,075
Ownwell’s Belzoni Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belzoni with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belzoni 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 Belzoni, Mississippi
Property taxes in Belzoni, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Belzoni is 0.83%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Belzoni set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belzoni 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 Belzoni's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39038 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Belzoni provides valuable insights into the varying tax landscape across Humphreys County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belzoni Tax Rate
1.83%
Average Leflore County Tax Rate
1.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belzoni, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39038 | 0.86% | 1.17% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Belzoni, Mississippi
In Belzoni, 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 Leflore 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 Belzoni, 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 Belzoni helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $554 in ZIP code 39038, while the lowest is also $554 in the same ZIP code.
Average Belzoni Assessed Value
$63,278
Average Leflore County Assessed Value
$41,840
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belzoni, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39038 | $8,909 | $18,500 | $63,278 | $97,556 | $155,319 |
Source: Ownwell
Property Tax Bills Across Belzoni, Mississippi
In Belzoni, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence this calculation, including the property's location, size, and condition. For example, a home with a median market value of $63,278 in Belzoni will have its tax bill determined by applying the local tax rate to its assessed value. Homeowners in Belzoni can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $200, while the 75th percentile tax bill can reach up to $1,784. At the higher end, the 90th percentile tax bill is approximately $2,837. These variations can impact homeowners differently, affecting their financial planning and budgeting. Compared to the national median property tax rate of 0.99%, Belzoni's property tax rates can be considered relatively moderate, offering some relief to homeowners in this region.
Average Belzoni Tax Bill
$554
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Belzoni, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39038 | $114 | $200 | $554 | $1,784 | $2,837 |
Source: Ownwell