Mayhew, Mississippi Property Taxes
The median property tax rate in Mayhew, MS is 0.63%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Mayhew at $126,325, the typical annual property tax bill amounts to $545, significantly below the national median of $2,690. Property taxes in Mayhew are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mayhew'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 Mayhew 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
Mayhew, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$796
Ownwell’s Mayhew Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mayhew with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mayhew 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 Mayhew, Mississippi
Property taxes in Mayhew, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mayhew is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Mayhew set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mayhew 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 Mayhew's effective property tax rate to other areas and the national median. For comparison, the zip code 39753 has the highest median property tax rate of 0.63%, while it also represents the lowest median tax rate of 0.63%. Understanding how these figures compare with Mayhew provides valuable insights into the varying tax landscape across Lowndes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mayhew Tax Rate
0.63%
Average Lowndes County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mayhew, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39753 | 0.23% | 0.40% | 0.63% | 0.83% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Mayhew, Mississippi
In Mayhew, 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 Lowndes 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 Mayhew, 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. For instance, in Mayhew, the highest median tax bill is reported in zip code 39753 at $545. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mayhew Assessed Value
$126,325
Average Lowndes County Assessed Value
$63,980
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mayhew, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39753 | $52,696 | $72,595 | $126,325 | $145,035 | $173,103 |
Source: Ownwell
Property Tax Bills Across Mayhew, Mississippi
In Mayhew, located in Lowndes County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value typically represents a percentage of the home's market value. The property tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $126,325, homeowners in Mayhew can expect a median tax bill around $545, consistent across the 39753 zip code. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. The tax bill can vary significantly; the 25th percentile tax bill is $453, while the 75th percentile reaches $807, and the 90th percentile can be as high as $1,443. These variations reflect differences in property values and individual assessments. For homeowners, understanding these factors is crucial as property taxes represent a significant annual expense. Comparing Mayhew's median tax rate to the national median of 0.99% helps highlight the relative affordability of property taxes in this region.
Average Mayhew Tax Bill
$545
Average Lowndes County Tax Bill
$692
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mayhew, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39753 | $255 | $453 | $545 | $807 | $1,443 |
Source: Ownwell