Lyon, Mississippi Property Taxes
The median property tax rate in Lyon, Mississippi is 1.47%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lyon, the typical annual property tax bill reaches $1,740, which is lower than the national median of $2,690. Property taxes in Lyon 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 Lyon'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 Lyon 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
Lyon, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,598
$1,483
Ownwell’s Lyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lyon 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 Lyon, Mississippi
Property taxes in Lyon, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lyon is 1.47%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lyon set these rates annually, and they can vary across different neighborhoods. Each year, Lyon 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 Lyon's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38645 has the highest median property tax rate of 1.47%, while the same zip code also has the lowest median tax rate of 1.47%. Understanding how these cities compare with Lyon 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 Lyon Tax Rate
1.47%
Average Quitman County Tax Rate
2.58%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | 1.35% | 1.40% | 1.47% | 2.03% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Lyon, Mississippi
In Lyon, 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 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 Lyon, 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 Lyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 38645, with a median tax bill of $1,740.
Average Lyon Assessed Value
$108,702
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 Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | $72,024 | $85,778 | $108,702 | $113,512 | $116,397 |
Source: Ownwell
Property Tax Bills Across Lyon, Mississippi
Property tax bills in Lyon, located in Quitman County, MS, are calculated based on the assessed value of a property, which is determined by local tax assessors. The assessed value is a percentage of the market value of the home. For instance, with a median home price of $108,702, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,285, while those in the 75th percentile might see a tax bill of approximately $2,273. At the 90th percentile, the tax bill can rise to $2,592. These tax bills are influenced by various factors, including property size, location, and improvements made to the property. Compared to the national median property tax rate of 0.99%, homeowners in Lyon may find their tax rates quite comparable, affecting their annual financial planning. Understanding how these factors interplay helps homeowners anticipate their property tax obligations and manage their budgets more effectively.
Average Lyon Tax Bill
$1,740
Average Quitman County Tax Bill
$743
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lyon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38645 | $1,011 | $1,285 | $1,740 | $2,273 | $2,592 |
Source: Ownwell