Morgantown, Mississippi Property Taxes
The median property tax rate in MORGANTOWN, MS is 2.11%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in MORGANTOWN at $49,620, the typical annual property tax bill reaches $1,048, exceeding the national median of $2,690. Property taxes in MORGANTOWN 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 MORGANTOWN'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 MORGANTOWN 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
Morgantown, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$1,047
$972
Ownwell’s Morgantown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morgantown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morgantown 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 Morgantown, Mississippi
Property taxes in Morgantown, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Morgantown is 0.87%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Morgantown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morgantown 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 Morgantown'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 0.87%. Understanding how these cities compare with Morgantown 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 Morgantown 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 Morgantown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | 2.11% | 2.11% | 2.11% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Morgantown, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Morgantown, Mississippi. 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 Morgantown, 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 Morgantown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 39483, both at $1048.
Average Morgantown Assessed Value
$49,620
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 Morgantown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | $49,620 | $49,620 | $49,620 | $49,620 | $49,620 |
Source: Ownwell
Property Tax Bills Across Morgantown, Mississippi
In Morgantown, Marion County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which is determined by the local tax assessor. For example, if a home has a market value of $49,620, the assessed value will be a fraction of this amount, depending on state regulations. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Morgantown can expect a median property tax bill of $1,048, significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual expenses, which may affect their overall financial planning. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their budgets accordingly.
Average Morgantown Tax Bill
$1,048
Average Marion County Tax Bill
$627
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Morgantown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39483 | $1,048 | $1,048 | $1,048 | $1,048 | $1,048 |
Source: Ownwell