Foxworth, Marion County, Mississippi Property Taxes
The median property tax rate in Foxworth, MS is 2.11%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $44,690 in Foxworth, the typical annual property tax bill amounts to $510, which is still below the national median of $2,690. Property taxes in Foxworth are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Foxworth'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 Foxworth 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
Foxworth, Marion County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$943
$875
Ownwell’s FOXWORTH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FOXWORTH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FOXWORTH 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 Foxworth, Marion County, Mississippi
Property taxes in Foxworth, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Foxworth is 0.52%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Foxworth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Foxworth 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 Foxworth's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39483 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these areas compare with Foxworth 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 Foxworth 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 Foxworth, Marion County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | 0.58% | 1.01% | 2.11% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Foxworth, Marion County, Mississippi
In Foxworth, 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. In Foxworth, 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 Foxworth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Foxworth are both $510.00, applicable to the zip code 39483.
Property Tax Assessment Values Across Foxworth, Marion County, Mississippi
Source: Ownwell
$37,935
$46,508
$55,080
Average Foxworth Assessed Value
$44,690
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 Foxworth, Marion County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | $6,030 | $17,082 | $44,690 | $79,528 | $123,864 |
Source: Ownwell
Property Tax Bills Across Foxworth, Marion County, Mississippi
In Foxworth, located in Marion County, MS, property tax bills are calculated based on the assessed value of a homeowner's property. The local tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as the property's market value, local tax rates, and any applicable exemptions play a crucial role in this calculation. For homeowners, the median home price in Foxworth is $44,690. Property tax bills can vary significantly, ranging from the 25th percentile at $196 to the 75th percentile at $1,017, and reaching up to the 90th percentile at $1,713. The highest and lowest median tax bills in the area are both $510, as indicated by the data for zip code 39483. Compared to the national median property tax rate of 0.99%, Foxworth's rates can present a substantial variance, affecting homeowners differently depending on the assessed value of their property and the specific tax bracket they fall into. This variability underscores the importance of understanding local tax regulations and potential exemptions.
Average Foxworth Tax Bill
$510
Average Marion County Tax Bill
$627
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Foxworth, Marion County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | $97 | $196 | $510 | $1,017 | $1,713 |
Source: Ownwell