Lawrence, Mississippi Property Taxes
The median property tax rate in Lawrence, Mississippi is 1.08%, 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 Lawrence at $53,390, the typical annual property tax bill amounts to $563, which is significantly less than the national median of $2,690. Property taxes in Lawrence are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. By understanding Lawrence's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Lawrence or another part of Newton County, a thorough grasp of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Lawrence, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$577
$535
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Mississippi
Property taxes in Lawrence, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 0.62%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39336 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Lawrence 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 Lawrence Tax Rate
1.08%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39336 | 0.57% | 0.86% | 1.08% | 1.90% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Mississippi
In Lawrence, 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 Lawrence, 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. The highest median tax bill in Lawrence is $563 in the 39336 zip code, while the lowest median tax bill is also $563 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.
Average Lawrence Assessed Value
$53,390
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 Lawrence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39336 | $11,370 | $23,812 | $53,390 | $93,540 | $172,295 |
Source: Ownwell
Property Tax Bills Across Lawrence, Mississippi
In Lawrence, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Factors such as the property's location, size, and condition play a significant role in determining its market value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For example, with a median home price of $53,390, homeowners in Lawrence can expect varying tax bills. The 25th percentile tax bill is around $264, while the 75th percentile tax bill reaches $1,273. At the 90th percentile, tax bills can go up to $2,103. Comparatively, the highest median tax bill in the nearby zip code 39336 is $563. These property taxes are essential for funding local services, including schools, emergency services, and infrastructure, making them a crucial aspect of homeownership in Lawrence.
Average Lawrence Tax Bill
$563
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39336 | $144 | $264 | $563 | $1,273 | $2,103 |
Source: Ownwell