Brandon, Mississippi Property Taxes
The median property tax rate in Brandon, MS is 0.90%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Brandon at $160,310, the typical annual property tax bill reaches $1,499, falling below the national median of $2,690. Property taxes in Brandon 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 Brandon'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 Brandon 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
Brandon, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,443
$1,339
Ownwell’s Brandon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brandon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brandon 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 Brandon, Mississippi
Property taxes in Brandon, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brandon is 0.90%, slightly lower than the U.S. national median of 0.99%. Local government entities within Brandon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brandon 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 Brandon's effective property tax rate to other areas in Rankin County and the national median. For comparison, the 39042 zip code has the highest median property tax rate of 1.02%, while the 39047 zip code has the lowest median tax rate of 0.89%. Understanding how these areas compare with Brandon provides valuable insights into the varying tax landscape across Rankin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brandon Tax Rate
0.90%
Average Rankin County Tax Rate
0.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brandon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39042 | 0.47% | 0.72% | 1.02% | 1.18% | 1.64% |
| 39047 | 0.47% | 0.73% | 0.89% | 0.99% | 1.59% |
Source: Ownwell
Property Tax Assessment Values Across Brandon, Mississippi
In Brandon, 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 Rankin 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 Brandon, 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 Brandon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Brandon is $1,530 in the 39047 zip code, while the lowest is $1,447 in the 39042 zip code.
Average Brandon Assessed Value
$160,310
Average Rankin County Assessed Value
$136,735
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brandon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39042 | $39,580 | $91,105 | $147,170 | $214,525 | $283,300 |
| 39047 | $84,987 | $123,878 | $170,315 | $239,695 | $333,766 |
Source: Ownwell
Property Tax Bills Across Brandon, Mississippi
In Brandon, Rankin County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Brandon is $160,310. Local tax authorities determine the assessed value and apply the local tax rate to calculate the annual tax bill. Homeowners in Brandon experience a range of tax bills, with the 25th percentile paying around $864 and the 90th percentile paying up to $3,201. The median tax bill in the highest zip code, 39047, is $1,530, while the lowest in zip code 39042 is $1,447. These variations can significantly affect homeowners, impacting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Brandon's property tax rates reflect the local economic conditions and funding needs for public services. Understanding these factors can help homeowners better manage their finances and anticipate future tax obligations.
Average Brandon Tax Bill
$1,499
Average Rankin County Tax Bill
$1,263
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Brandon, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39042 | $305 | $737 | $1,447 | $2,332 | $3,176 |
| 39047 | $545 | $967 | $1,530 | $2,386 | $3,220 |
Source: Ownwell