Bolton, Mississippi Property Taxes
The median property tax rate in Bolton, MS is 0.63%, significantly lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $35,940, the typical annual property tax bill in Bolton is $287, which is well below the national median of $2,690. Property taxes in Bolton 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 Bolton'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 Bolton or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bolton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$226
Ownwell’s Bolton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bolton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bolton 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 Bolton, Mississippi
Property taxes in Bolton, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bolton is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Bolton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bolton 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 Bolton's effective property tax rate to other regions in Mississippi and the national median. For comparison, the zip code 39041 has both the highest and lowest median property tax rate of 0.63%, identical to Bolton's rate. Understanding how these areas compare with Bolton provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bolton Tax Rate
0.63%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bolton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39041 | 0.52% | 0.52% | 0.63% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Bolton, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bolton, Mississippi. 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 Madison 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 in Bolton 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 Bolton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Bolton, the highest and lowest median tax bills are both $287, found in the 39041 zip code.
Average Bolton Assessed Value
$35,940
Average Madison County Assessed Value
$167,330
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bolton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39041 | $24,283 | $33,762 | $35,940 | $44,768 | $60,419 |
Source: Ownwell
Property Tax Bills Across Bolton, Mississippi
Property tax bills in Bolton, Madison County, MS, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Bolton is $35,940, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Bolton can expect their tax bills to vary depending on the assessed value of their properties and the applicable tax rate. For instance, the tax bill for the 25th percentile is $224, while it rises to $337 for the 75th percentile. At the 90th percentile, homeowners might see tax bills as high as $523. The highest and lowest median tax bills in Bolton are both recorded at $287, indicating a relatively narrow range in property tax bills for the area. These taxes fund essential public services, impacting the community's quality of life. Homeowners should be aware of how fluctuations in property values and tax rates can affect their annual tax obligations.
Average Bolton Tax Bill
$287
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bolton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39041 | $190 | $224 | $287 | $337 | $523 |
Source: Ownwell