Lake, Newton County, Mississippi Property Taxes
The median property tax rate in Lake, Mississippi is 1.01%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $63,000 in Lake, the typical annual property tax bill amounts to $547, which is well below the national median of $2,690. Property taxes in Lake are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lake'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 Lake or another part of Newton County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake, Newton County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$636
$590
Ownwell’s LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAKE 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 Lake, Newton County, Mississippi
Property taxes in Lake, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake is 0.83%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39092 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Lake provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Tax Rate
1.01%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake, Newton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | 0.36% | 0.80% | 1.01% | 1.82% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Lake, Newton County, Mississippi
In LAKE, 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 Newton 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 LAKE, 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. For instance, the highest median tax bill in LAKE is $547 in the 39092 zip code, while the lowest median tax bill is also $547 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lake, Newton County, Mississippi
Source: Ownwell
$49,840
$61,333
$72,825
Average Lake Assessed Value
$63,000
Average Newton County Assessed Value
$57,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake, Newton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $15,322 | $30,220 | $63,000 | $103,850 | $161,490 |
Source: Ownwell
Property Tax Bills Across Lake, Newton County, Mississippi
In LAKE, located in Newton County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by the local tax assessor. Homeowners in this area can expect varying tax bills depending on the assessed value of their properties. For instance, the median home price in LAKE is $63,000. Property tax bills can range significantly, with the 25th percentile at $252 and the 75th percentile at $1,242. At the 90th percentile, tax bills can reach up to $2,023. These figures illustrate the broad spectrum of property tax liabilities that homeowners might face. Compared to the national median property tax rate of 0.99%, the property tax rates in LAKE can be considered relatively moderate. However, individual tax bills can still have a significant impact on homeowners' finances, especially when considering the highest median tax bill recorded at $547 in the zip code 39092. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Lake Tax Bill
$547
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, Newton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $140 | $252 | $547 | $1,242 | $2,023 |
Source: Ownwell