Sharon, Madison County, Mississippi Property Taxes
The median property tax rate in Sharon, MS is 0.77%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Sharon at $58,980, the typical annual property tax bill amounts to $519, significantly below the national median of $2,690. Property taxes in Sharon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Sharon'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 Sharon 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
Sharon, Madison County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$454
$421
Ownwell’s Sharon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sharon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sharon 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 Sharon, Madison County, Mississippi
Property taxes in Sharon, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sharon is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Sharon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sharon 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 Sharon's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39163 zip code has the highest median property tax rate of 0.77%, while the 39163 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Sharon 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 Sharon Tax Rate
0.77%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sharon, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39163 | 0.58% | 0.63% | 0.77% | 1.39% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Sharon, Madison County, Mississippi
In Sharon, 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 Sharon, 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. The median home price in Sharon is $58,980, with tax bills ranging from $312 at the 25th percentile to $1,215 at the 90th percentile. Zip code 39163 has the highest and lowest median tax bill at $519. 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 Sharon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Sharon, Madison County, Mississippi
Source: Ownwell
$32,770
$127,708
$222,645
Average Sharon Assessed Value
$58,980
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 Sharon, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39163 | $22,130 | $43,670 | $58,980 | $83,320 | $97,090 |
Source: Ownwell
Property Tax Bills Across Sharon, Madison County, Mississippi
In Sharon, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $58,980, homeowners can expect varying tax bills. The 25th percentile tax bill is around $312, while the 75th percentile reaches $738, and the 90th percentile can be as high as $1,215. These figures are influenced by several factors, including the home's location within Madison County, local tax rates, and any applicable exemptions or deductions. Homeowners in Sharon benefit from relatively lower property tax rates compared to the national median property tax rate of 0.99%. This can provide significant savings over time, especially for those who fall within the lower percentiles of tax bills. However, it's crucial for homeowners to stay informed about their property's assessed value and any changes in local tax policies to effectively manage their annual tax obligations.
Average Sharon Tax Bill
$519
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Sharon, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39163 | $262 | $312 | $519 | $738 | $1,215 |
Source: Ownwell