Union, Mississippi Property Taxes
The median property tax rate in Union, MS is 1.15%, which is notably higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $56,035 in Union, the typical annual property tax bill amounts to $690, falling below the national median of $2,690. Property taxes in Union are determined based on the tax assessed value, which is generally less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Union's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're located in the heart of Union or in another part of the city, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Union, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$644
$598
Ownwell’s Union Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Union with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Union 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 Union, Mississippi
Property taxes in Union, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.15%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary across different neighborhoods. Each year, Union 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 Union's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39365 zip code has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Union 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 Union Tax Rate
1.15%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Union, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39365 | 0.59% | 0.84% | 1.15% | 1.79% | 2.31% |
Source: Ownwell
Property Tax Assessment Values Across Union, Mississippi
In Union, 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 Union, 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 Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $690.00 in the zip code 39365, which is also the lowest median tax bill, highlighting the consistency in property tax assessments within the region.
Average Union Assessed Value
$56,035
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 Union, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39365 | $13,921 | $30,785 | $56,035 | $93,140 | $153,757 |
Source: Ownwell
Property Tax Bills Across Union, Mississippi
In Union, located in Newton County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Union can expect their property tax bills to vary significantly depending on the value of their home and other factors such as exemptions or abatements they may qualify for. For instance, the median home price in Union is $56,035. Property tax bills in Union range widely, with the 25th percentile tax bill at $362 and the 75th percentile tax bill at $1,187. For those at the higher end, the 90th percentile tax bill reaches $2,002. Compared to the national median property tax rate of 0.99%, Union's property tax rates can be seen as relatively moderate. Homeowners should be aware that these taxes fund essential local services, including schools, public safety, and infrastructure, directly impacting their community's quality of life.
Average Union Tax Bill
$690
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Union, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39365 | $158 | $362 | $690 | $1,187 | $2,002 |
Source: Ownwell