Canton, Mississippi Property Taxes
The median property tax rate in Canton, MS is 1.27%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $67,605 in Canton, the typical annual property tax bill amounts to $1,001, which is below the national median of $2,690. Property taxes in Canton are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canton'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 Canton 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
Canton, 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 Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Mississippi
Property taxes in Canton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 1.27%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39046 zip code has the highest median property tax rate of 1.27%, while the 39046 zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Canton 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 Canton Tax Rate
1.27%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39046 | 0.58% | 0.84% | 1.27% | 1.55% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Mississippi
In Canton, 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 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. In Canton, 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 Canton is $67,605, with property tax bills ranging from $498 at the 25th percentile to $2,537 at the 90th percentile. The zip code with the highest and lowest median tax bill is 39046, both at $1,001. Being aware of these valuation processes in Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Canton Assessed Value
$67,605
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 Canton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39046 | $17,065 | $33,755 | $67,605 | $164,015 | $228,752 |
Source: Ownwell
Property Tax Bills Across Canton, Mississippi
In Canton, located in Madison County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the tax rate, or millage rate, is applied to calculate the annual tax bill. This rate is set by local government entities and can vary depending on the needs of the community. Homeowners in Canton can expect a range of property tax bills. For instance, the 25th percentile tax bill stands at $498, while those in the 75th percentile pay around $1,684. The 90th percentile tax bill can go up to $2,537, indicating a significant variation based on property values and assessments. Compared to the national median property tax rate of 0.99%, Canton's property taxes can be relatively moderate or high, impacting homeowners differently based on their property's assessed value. This variance underscores the importance of understanding local tax rates and assessments to anticipate annual property tax obligations.
Average Canton Tax Bill
$1,001
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39046 | $263 | $498 | $1,001 | $1,684 | $2,537 |
Source: Ownwell