Ludlow, Mississippi Property Taxes
The median property tax rate in Ludlow, Mississippi, is 0.79%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Ludlow at $36,320, the typical annual property tax bill amounts to $412, significantly below the national median of $2,690. Property taxes in Ludlow 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. Understanding Ludlow's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Ludlow or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ludlow, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$287
$266
Ownwell’s Ludlow Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Ludlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ludlow to provide an estimate of your property tax bill. This valuable 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 Ludlow, Mississippi
Property taxes in Ludlow, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ludlow is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Ludlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ludlow 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 Ludlow's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39098 has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Ludlow provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ludlow Tax Rate
0.79%
Average Scott County Tax Rate
1.02%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ludlow, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39098 | 0.71% | 0.76% | 0.79% | 1.78% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Ludlow, Mississippi
In Ludlow, 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 Scott 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 Ludlow, 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 Ludlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39098 has the highest and lowest median tax bill of $412.
Average Ludlow Assessed Value
$36,320
Average Scott County Assessed Value
$53,585
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ludlow, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39098 | $9,094 | $11,695 | $36,320 | $50,820 | $135,706 |
Source: Ownwell
Property Tax Bills Across Ludlow, Mississippi
In Ludlow, Scott County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is applied to this assessed value to determine the final tax bill. For instance, with a median home price of $36,320, the tax bill varies significantly across different percentiles. Homeowners in the 25th percentile pay around $159, while those in the 75th percentile face tax bills closer to $649. At the 90th percentile, the tax bill can soar to $1,323. These variations are influenced by factors such as property location, local tax rates, and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, highlighting that local rates and home values can significantly impact the financial burden on homeowners. Understanding these factors can help homeowners anticipate their property tax obligations and budget accordingly.
Average Ludlow Tax Bill
$412
Average Scott County Tax Bill
$504
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ludlow, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39098 | $129 | $159 | $412 | $649 | $1,323 |
Source: Ownwell