Greenwood Springs, Mississippi Property Taxes
The median property tax rate in Greenwood Springs, MS is 1.06%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Greenwood Springs at $44,445, the typical annual property tax bill is $350, significantly below the national median of $2,690. Property taxes in Greenwood Springs are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenwood Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Greenwood Springs 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
Greenwood Springs, 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 Greenwood Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood Springs 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 Greenwood Springs, Mississippi
Property taxes in Greenwood Springs, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood Springs is 1.06%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Greenwood Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood Springs 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 Greenwood Springs' effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38848 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Greenwood Springs 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 Greenwood Springs Tax Rate
1.06%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | 0.44% | 0.67% | 1.06% | 1.58% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood Springs, Mississippi
In Greenwood Springs, 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 Greenwood Springs, 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 Greenwood Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Greenwood Springs are both $350.00, found in the zip code 38848.
Property Tax Assessment Values Across Greenwood Springs, Mississippi
Source: Ownwell
$20,090
$37,150
$54,210
Average Greenwood Springs Assessed Value
$44,445
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 Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | $5,774 | $19,028 | $44,445 | $73,642 | $126,663 |
Source: Ownwell
Property Tax Bills Across Greenwood Springs, Mississippi
In Greenwood Springs, located 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 median home price in Greenwood Springs is $44,445. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as location, property size, and any applicable exemptions also influence the final amount. For homeowners in Greenwood Springs, property tax bills can vary significantly. The 25th percentile tax bill is $170, while the 75th percentile tax bill is $680. At the 90th percentile, the tax bill can reach up to $1,133. The median tax bill in the area is $350, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can provide significant financial relief to homeowners, making Greenwood Springs an attractive place for property investment.
Average Greenwood Springs Tax Bill
$350
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38848 | $77 | $170 | $350 | $680 | $1,133 |
Source: Ownwell