Carthage, Madison County, Mississippi Property Taxes
The median property tax rate in Carthage, MS is 1.54%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Carthage at $42,910, the typical annual property tax bill reaches $599, which is below the national median of $2,690. Property taxes in Carthage 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 Carthage'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 Carthage 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
Carthage, Madison County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$661
$613
Ownwell’s Carthage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carthage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carthage 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 Carthage, Madison County, Mississippi
Property taxes in Carthage, Mississippi, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Carthage is 0.52%, significantly lower than both the Mississippi state median of 0.80% and the U.S. national median of 0.99%. Local government bodies within Carthage set these rates annually, and they can vary across different neighborhoods. Each year, Carthage 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 Carthage's effective property tax rate to other counties in Mississippi and the national median. For comparison, 39051 has the highest median property tax rate of 0.52%, while 39051 also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Carthage 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 Carthage Tax Rate
1.54%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carthage, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | 0.61% | 0.80% | 1.54% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Carthage, Madison County, Mississippi
In Carthage, 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 county assessor 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 Carthage, 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. Being aware of these valuation processes in Carthage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price in Carthage is $42,910, with median tax bills ranging from $278 at the 25th percentile to $1,497 at the 90th percentile. The zip code 39051 has the highest and lowest median tax bill at $599.
Property Tax Assessment Values Across Carthage, Madison County, Mississippi
Source: Ownwell
$32,770
$127,708
$222,645
Average Carthage Assessed Value
$42,910
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 Carthage, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $17,958 | $32,555 | $42,910 | $98,750 | $179,276 |
Source: Ownwell
Property Tax Bills Across Carthage, Madison County, Mississippi
In Carthage, MS, property tax bills are determined by assessing the value of a home and applying the local tax rate. The assessed value is a percentage of the market value of the property. For homeowners in Carthage, the median home price is $42,910. Property taxes are calculated based on this assessed value, and the tax rate is applied to determine the annual tax bill. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Carthage can expect a range in their tax bills: the 25th percentile tax bill is $278, while the 75th percentile tax bill is $1,176, and the 90th percentile tax bill reaches $1,497. Compared to the national median property tax rate of 0.99%, Carthage’s tax rates may offer some relief to homeowners. Understanding these details helps homeowners anticipate their annual expenses and manage their budgets effectively.
Average Carthage Tax Bill
$599
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Carthage, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39051 | $170 | $278 | $599 | $1,176 | $1,497 |
Source: Ownwell