Morgan City, Mississippi Property Taxes
The median property tax rate in Morgan City, MS is 1.18%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Morgan City at $41,698, the typical annual property tax bill amounts to $504, falling well below the national median of $2,690. Property taxes in Morgan City are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Morgan City'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 Morgan City or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morgan City, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$492
Ownwell’s Morgan City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgan City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgan City 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 Morgan City, Mississippi
Property taxes in Morgan City, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgan City is 1.18%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Morgan City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgan City 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 Morgan City's effective property tax rate to other regions in Mississippi and the national median. For comparison, the 38946 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 areas compare with Morgan City 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 Morgan City Tax Rate
1.18%
Average Leflore County Tax Rate
1.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morgan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38946 | 0.79% | 0.82% | 1.18% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Morgan City, Mississippi
In Morgan City, 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 Morgan City, 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. The median home price in Morgan City is $41,698, with tax bills ranging from $313 at the 25th percentile to $2,204 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38946, both at $504. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Morgan City, Mississippi
Source: Ownwell
$22,080
$223,757
$425,434
Average Morgan City Assessed Value
$41,698
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 Morgan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38946 | $10,008 | $25,462 | $41,698 | $83,301 | $146,455 |
Source: Ownwell
Property Tax Bills Across Morgan City, Mississippi
In Morgan City, Leflore County, MS, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $41,698, homeowners can expect varying tax bills depending on specific factors like property location and exemptions. The tax bill at the 25th percentile is around $313, while at the 75th percentile, it rises to $895. For those at the 90th percentile, the tax bill can reach up to $2,204. These figures illustrate the range of property tax burdens that homeowners might face. Compared to the national median property tax rate of 0.99%, the rates in Morgan City can significantly impact household budgets. Understanding these factors is crucial for homeowners as it helps in financial planning and anticipating annual expenses. The highest and lowest median tax bills in the region both stand at $504, indicating a level of consistency within certain areas of the county.
Average Morgan City Tax Bill
$504
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgan City, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38946 | $128 | $313 | $504 | $895 | $2,204 |
Source: Ownwell