West Point, Monroe County, Mississippi Property Taxes
The median property tax rate in West Point, MS is 1.73%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in West Point, the typical annual property tax bill reaches $412, which is significantly lower than the national median of $2,690. Property taxes in West Point are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding West Point'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 West Point 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
West Point, Monroe County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$792
$735
Ownwell’s West Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Point 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across West Point, Monroe County, Mississippi
Property taxes in West Point, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Point is 1.73%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within West Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Point 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 West Point's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39773 zip code has the highest median property tax rate of 1.73%, while the 39773 zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with West Point 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 West Point Tax Rate
1.73%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Point, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39773 | 0.69% | 0.76% | 1.73% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across West Point, Monroe County, Mississippi
In West Point, 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 local assessment authorities 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 West Point, 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 West Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $412.00, found in the 39773 zip code.
Property Tax Assessment Values Across West Point, Monroe County, Mississippi
Source: Ownwell
$20,090
$37,150
$54,210
Average West Point Assessed Value
$45,780
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 West Point, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39773 | $6,410 | $12,585 | $45,780 | $65,760 | $103,250 |
Source: Ownwell
Property Tax Bills Across West Point, Monroe County, Mississippi
Property tax bills in West Point, located in Monroe County, MS, are determined by assessing the market value of a property and applying the local tax rate. The median home price in this area is $45,780. The tax rate is calculated based on the assessed value of the property, which is a percentage of the market value. Homeowners in West Point experience a range of tax bills, with the 25th percentile at $188 and the 75th percentile at $679. At the higher end, the 90th percentile tax bill reaches $1,002. The highest median tax bill recorded in the area is $412, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential community services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual property tax obligations and manage their finances more effectively.
Average West Point Tax Bill
$412
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across West Point, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39773 | $79 | $188 | $412 | $679 | $1,002 |
Source: Ownwell