Hamilton, Mississippi Property Taxes
The median property tax rate in Hamilton, MS is 0.90%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $54,210 in Hamilton, the typical annual property tax bill is $427, significantly below the national median of $2,690. Property taxes in Hamilton are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Hamilton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Hamilton or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hamilton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$488
Ownwell’s Hamilton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Hamilton. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Hamilton to provide an accurate estimate of your property tax bill. This user-friendly tool offers valuable insights into potential tax liabilities, helping you plan your finances better. Additionally, for those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by Monroe County for tax purposes and includes any applicable exemptions, ensuring a precise calculation for your property tax obligations.
Property Tax Rates Across Hamilton, Mississippi
Property taxes in Hamilton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamilton is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hamilton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamilton 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 Hamilton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39746 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Hamilton 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 Hamilton Tax Rate
0.90%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamilton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39746 | 0.39% | 0.65% | 0.90% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Hamilton, Mississippi
In Hamilton, 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 Hamilton, 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 Hamilton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hamilton Assessed Value
$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 Hamilton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39746 | $7,300 | $27,215 | $54,210 | $81,460 | $125,060 |
Source: Ownwell
Property Tax Bills Across Hamilton, Mississippi
In Hamilton, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $54,210, the assessed value is used to determine the tax bill. Local tax rates are applied to this assessed value to calculate the amount owed. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Hamilton can expect their tax bills to vary significantly. The 25th percentile tax bill is around $196, while the 75th percentile reaches $804, and the 90th percentile can go up to $1,227. This range indicates that the financial impact on homeowners can differ greatly based on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Hamilton's property tax bills offer a perspective on the local tax burden relative to broader trends.
Average Hamilton Tax Bill
$427
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamilton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39746 | $76 | $196 | $427 | $804 | $1,227 |
Source: Ownwell