Lambert, Mississippi Property Taxes
The median property tax rate in Lambert, MS is 2.58%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lambert at $37,260, the typical annual property tax bill reaches $1,181, which is still below the national median of $2,690. Property taxes in Lambert are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lambert'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 Lambert 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
Lambert, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.58%
Estimate Property Tax Bill
$961
$892
Ownwell’s Lambert Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lambert with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lambert 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 Lambert, Mississippi
Property taxes in Lambert, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lambert is 2.58%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lambert set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lambert 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 Lambert's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38643 zip code has the highest median property tax rate of 2.58%, while the same zip code also has the lowest median tax rate of 2.58%. Understanding how these cities compare with Lambert provides valuable insights into the varying tax landscape across Quitman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lambert Tax Rate
2.58%
Average Quitman County Tax Rate
2.58%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lambert, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38643 | 1.37% | 2.42% | 2.58% | 4.23% | 4.23% |
Source: Ownwell
Property Tax Assessment Values Across Lambert, Mississippi
In Lambert, 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 Quitman 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. 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 Lambert helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38643, where the median bill is $1,181.
Average Lambert Assessed Value
$37,260
Average Quitman County Assessed Value
$32,455
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lambert, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38643 | $7,117 | $17,713 | $37,260 | $69,883 | $145,889 |
Source: Ownwell
Property Tax Bills Across Lambert, Mississippi
In Lambert, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. Homeowners in Quitman County can expect varying tax bills depending on the assessed value of their property and the applicable tax rate. For example, the median home price in Lambert is $37,260, and property tax bills can range widely. At the 25th percentile, homeowners might pay around $443, while those at the 75th percentile could see bills as high as $2,244. The 90th percentile tax bill reaches up to $3,955. The tax rate in Lambert is influenced by local government budgets and funding needs for public services such as schools, infrastructure, and emergency services. This means that homeowners with higher-valued properties will pay more in property taxes. Compared to the national median property tax rate of 0.99%, homeowners in Lambert may find their tax bills to be higher or lower, significantly impacting their annual expenses.
Average Lambert Tax Bill
$1,181
Average Quitman County Tax Bill
$743
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lambert, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38643 | $187 | $443 | $1,181 | $2,244 | $3,955 |
Source: Ownwell