Gattman, Mississippi Property Taxes
The median property tax rate in Gattman, MS is 1.58%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Gattman, the typical annual property tax bill reaches $272, which is significantly lower than the national median of $2,690. Property taxes in Gattman are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gattman'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 Gattman 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
Gattman, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$478
Ownwell’s Gattman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gattman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gattman 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gattman, Mississippi
Property taxes in Gattman, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Gattman is 0.66%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Gattman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gattman 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 Gattman's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38844 zip code has the highest median property tax rate of 0.66%, while the 38844 zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Gattman 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 Gattman Tax Rate
1.58%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gattman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38844 | 0.67% | 0.77% | 1.58% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Gattman, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gattman, MS. 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 Assessor 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 Gattman, 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 Gattman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38844, with a median bill of $272, which is significantly lower than the national median property tax rate of 0.99%.
Average Gattman Assessed Value
$30,240
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 Gattman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38844 | $2,964 | $5,720 | $30,240 | $53,390 | $79,036 |
Source: Ownwell
Property Tax Bills Across Gattman, Mississippi
In Gattman, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Gattman is $30,240. Homeowners in Monroe County can expect their property tax bills to vary significantly depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $69, while at the 75th percentile, it rises to $479, and at the 90th percentile, it reaches $738. These taxes are influenced by factors such as property location, market conditions, and local government budgets. The property tax rate in Gattman is relatively low compared to the national median property tax rate of 0.99%. However, even within Gattman, there is a notable range in tax bills, with the highest median tax bill recorded at $272 in the 38844 zip code. This variability can impact homeowners by affecting their annual budgets and the overall affordability of owning a home in the region.
Average Gattman Tax Bill
$272
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Gattman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38844 | $46 | $69 | $272 | $479 | $738 |
Source: Ownwell