Bassfield, Mississippi Property Taxes
The median property tax rate in Bassfield, MS is 2.11%, significantly surpassing both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Bassfield at $37,935, the typical annual property tax bill reaches $495, which is lower than the national median of $2,690. Property taxes in Bassfield 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 Bassfield'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 Bassfield or another part of Marion County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bassfield, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$800
$743
Ownwell’s Bassfield Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bassfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bassfield 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 Bassfield, Mississippi
Property taxes in Bassfield, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bassfield is 0.81%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Bassfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bassfield 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. Understanding how these cities compare with Bassfield provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bassfield Tax Rate
2.11%
Average Marion County Tax Rate
2.10%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bassfield, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39421 | 0.76% | 1.03% | 2.11% | 2.11% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Bassfield, Mississippi
In Bassfield, 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 Marion 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 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 Bassfield is $37,935, with tax bills ranging from $274 at the 25th percentile to $1,846 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bassfield Assessed Value
$37,935
Average Marion County Assessed Value
$47,810
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bassfield, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39421 | $6,698 | $17,695 | $37,935 | $87,615 | $123,499 |
Source: Ownwell
Property Tax Bills Across Bassfield, Mississippi
In Bassfield, located in Marion County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Bassfield is $37,935. Property tax rates in this region are significantly lower than the national median of 0.99%. For instance, homeowners in the 25th percentile pay around $274 annually, while those in the 75th percentile pay about $1,091. The highest median tax bill recorded is $495 in the 39421 zip code, showing a relatively narrow range of tax burdens. Several factors affect the tax bill, including the assessed value of the property and any applicable exemptions. Lower property taxes can be a significant advantage for homeowners, making homeownership more affordable and potentially increasing disposable income. However, it’s essential for homeowners to stay informed about any changes in property assessments or tax rates to manage their financial planning effectively.
Average Bassfield Tax Bill
$495
Average Marion County Tax Bill
$627
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Bassfield, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39421 | $127 | $274 | $495 | $1,091 | $1,846 |
Source: Ownwell