Greenwood, Mississippi Property Taxes
The median property tax rate in Greenwood, MS is 1.83%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Greenwood at $40,672, the typical annual property tax bill reaches $617, which is below the national median of $2,690. Property taxes in Greenwood 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 Greenwood'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 Greenwood 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
Greenwood, 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 Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Mississippi
Property taxes in Greenwood, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38954 has the highest median property tax rate of 1.83%, while the zip code 38930 has the lowest median tax rate of 1.83%. Understanding how these areas compare with Greenwood provides valuable insights into the varying tax landscape across Leflore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood 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 Greenwood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38930 | 0.81% | 1.18% | 1.83% | 2.63% | 2.63% |
| 38950 | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% |
| 38954 | 1.83% | 1.83% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Mississippi
In Greenwood, 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. 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. In Greenwood, the highest median tax bill is found in zip code 38954 at $7,788, while the lowest median tax bill is in zip code 38950 at $476. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenwood Assessed Value
$40,672
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 Greenwood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38930 | $11,377 | $21,589 | $40,644 | $63,019 | $103,696 |
| 38950 | $24,892 | $25,334 | $26,071 | $56,589 | $74,900 |
| 38954 | $361,916 | $385,735 | $425,434 | $465,132 | $488,952 |
Source: Ownwell
Property Tax Bills Across Greenwood, Mississippi
In Greenwood, Leflore County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if a home has a median market price of $40,672, the assessed value is typically a fraction of this amount. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's location within the county, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Greenwood can expect to pay varying amounts depending on the assessed value of their property. For example, the 25th percentile tax bill is $338, while the 75th percentile tax bill reaches $1,027. The 90th percentile tax bill can go as high as $1,788, showing significant variation based on property value and other factors. Compared to the national median property tax rate of 0.99%, Greenwood's rates can provide some relief for homeowners, though the exact impact varies widely.
Average Greenwood Tax Bill
$617
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38930 | $180 | $338 | $617 | $1,023 | $1,778 |
| 38950 | $454 | $462 | $476 | $1,033 | $1,367 |
| 38954 | $6,610 | $7,052 | $7,788 | $8,524 | $8,965 |
Source: Ownwell