Amory, Mississippi Property Taxes
The median property tax rate in Amory, MS is 1.22%, slightly higher than the national median of 0.99%, but below the Mississippi state median of 1.31%. With the median home value in Amory, the typical annual property tax bill reaches $623, which is significantly lower than the national median of $2,690. Property taxes in Amory are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Amory'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 Amory or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Amory, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Amory Property Tax Bill Calculator assists homeowners, real estate investors, and potential owners in estimating their annual property taxes in Amory using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amory to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Amory, Mississippi
Property taxes in Amory, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Amory 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 Amory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amory 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 Amory's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38821 zip code has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Amory provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amory Tax Rate
1.22%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38821 | 0.50% | 0.79% | 1.22% | 1.85% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Amory, Mississippi
In Amory, 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 Monroe 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 Amory, 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 Amory is $53,690, with the highest and lowest median tax bills both being $623 in the 38821 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Amory Assessed Value
$53,690
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 Amory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38821 | $12,572 | $34,370 | $53,690 | $83,570 | $133,822 |
Source: Ownwell
Property Tax Bills Across Amory, Mississippi
In Amory, located in Monroe County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is usually a percentage of the market value of the property. For instance, with a median home price of $53,690, the tax bill for homeowners can vary significantly. Factors such as property size, location, and improvements can influence the assessed value, subsequently affecting the tax bill. Homeowners in Amory can expect their tax bills to range widely. The 25th percentile tax bill is around $323, while the 75th percentile reaches $1,039. At the 90th percentile, the tax bill can be as high as $1,682. Comparatively, the highest and lowest median tax bills in the area are both $623, indicating a relatively uniform tax rate within the zip code 38821. With the national median property tax rate at 0.99%, Amory's property taxes can be considered moderate, impacting homeowners' annual financial planning.
Average Amory Tax Bill
$623
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Amory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38821 | $145 | $323 | $623 | $1,039 | $1,682 |
Source: Ownwell