Monroe County, Mississippi Property Taxes
The median property tax rate in Monroe County is 1.48%, which is significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Monroe County at $48,950, the typical annual property tax bill reaches $540. Property taxes in Monroe County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Monroe County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in a city like Aberdeen or another part of Monroe County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$724
$672
Ownwell’s Monroe County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Monroe County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Monroe County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Monroe County, Mississippi
Property taxes in Monroe County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Monroe County is 1.48%, which is higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Monroe County set these rates annually, and they can vary significantly between different areas within the county. Each year, Monroe County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Monroe County's effective property tax rate with other counties in Mississippi and the national median. For comparison, the city of Shannon has one of the higher property tax rates in Mississippi at 1.84%, while the city of Hamilton boasts one of the lowest at 0.90%. Analyzing how Monroe County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aberdeen | 0.53% | 0.87% | 1.61% | 2.80% | 2.81% |
| Amory | 0.50% | 0.79% | 1.22% | 1.85% | 2.43% |
| Caledonia | 0.48% | 0.67% | 1.54% | 1.59% | 1.61% |
| Gattman | 0.67% | 0.77% | 1.58% | 1.72% | 1.72% |
| Greenwood Springs | 0.44% | 0.67% | 1.06% | 1.58% | 1.61% |
| Hamilton | 0.39% | 0.65% | 0.90% | 1.58% | 1.58% |
| Nettleton | 0.59% | 0.86% | 1.70% | 1.87% | 2.30% |
| Okolona | 0.54% | 0.81% | 1.70% | 1.94% | 1.99% |
| Prairie | 0.54% | 0.94% | 1.72% | 1.75% | 1.75% |
| Shannon | 1.69% | 1.83% | 1.84% | 1.84% | 1.84% |
| Smithville | 0.41% | 0.65% | 1.04% | 1.58% | 2.15% |
| West Point | 0.69% | 0.76% | 1.73% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Monroe County, Mississippi
In Monroe County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Monroe County Appraisal District. The assessed value, however, 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 in Monroe County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Monroe County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. For instance, the city with the highest median tax bill is Amory at $623, while Shannon has the lowest at $250. Understanding these differences can provide insights into managing and potentially reducing your property tax liabilities.
Property Tax Assessment Values Across Monroe County, Mississippi
Source: Ownwell
$20,090
$37,150
$54,210
Average Monroe County Assessed Value
$48,950
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aberdeen | $6,688 | $22,140 | $44,400 | $73,240 | $111,956 |
| Amory | $12,572 | $34,370 | $53,690 | $83,570 | $133,822 |
| Caledonia | $6,798 | $15,370 | $36,490 | $65,570 | $95,386 |
| Gattman | $2,964 | $5,720 | $30,240 | $53,390 | $79,036 |
| Greenwood Springs | $5,774 | $19,028 | $44,445 | $73,642 | $126,663 |
| Hamilton | $7,300 | $27,215 | $54,210 | $81,460 | $125,060 |
| Nettleton | $8,000 | $24,405 | $44,920 | $65,992 | $101,739 |
| Okolona | $5,270 | $16,500 | $44,050 | $67,200 | $103,866 |
| Prairie | $4,500 | $12,850 | $40,030 | $60,670 | $96,200 |
| Shannon | $3,825 | $8,918 | $20,090 | $45,145 | $58,205 |
| Smithville | $8,000 | $26,305 | $49,920 | $74,100 | $122,016 |
| West Point | $6,410 | $12,585 | $45,780 | $65,760 | $103,250 |
Source: Ownwell
Property Tax Bills Across Monroe County, Mississippi
In Monroe County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county's property tax rate is applied to this assessed value to determine the annual tax bill. Factors influencing this calculation include the home's market value, any applicable exemptions, and the local tax rate. Homeowners in Monroe County experience varying tax bills; for instance, the 25th percentile tax bill is around $252, while the 75th percentile reaches about $942, and the 90th percentile can go up to $1,497. Comparatively, the highest median tax bill in the county is found in Amory at $623, whereas Shannon has the lowest median tax bill at $250. These property tax bills significantly impact homeowners by affecting their annual financial planning and the overall cost of homeownership, especially when contrasted with the national median property tax rate of 0.99%.
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Aberdeen | $90 | $239 | $588 | $996 | $1,539 |
| Amory | $145 | $323 | $623 | $1,039 | $1,682 |
| Caledonia | $65 | $154 | $326 | $497 | $961 |
| Gattman | $46 | $69 | $272 | $479 | $738 |
| Greenwood Springs | $77 | $170 | $350 | $680 | $1,133 |
| Hamilton | $76 | $196 | $427 | $804 | $1,227 |
| Nettleton | $116 | $242 | $505 | $886 | $1,267 |
| Okolona | $60 | $162 | $414 | $690 | $1,185 |
| Prairie | $50 | $129 | $316 | $714 | $1,029 |
| Shannon | $79 | $156 | $250 | $577 | $843 |
| Smithville | $103 | $226 | $456 | $789 | $1,242 |
| West Point | $79 | $188 | $412 | $679 | $1,002 |
Source: Ownwell