Union, Mississippi Property Taxes
The median property tax rate in Union, MS is 1.16%, which is higher than the national median of 0.99% but lower than the state median of 1.31%. With a median home value of $31,120, the typical annual property tax bill in Union amounts to $463, considerably below the national median of $2,690. Property taxes in Union are calculated based on the assessed value, often lower than market value due to exemptions such as primary residence and agricultural exemptions. Understanding Union'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 Union or another part of the city, comprehending the local property tax system will benefit 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
1.16%
Estimate Property Tax Bill
$361
$335
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 for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Union is 1.16%, which is higher than the U.S. national median of 0.99%. Local government entities within Union set these rates annually, and they can vary significantly 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 zip code 39365 has both the highest and lowest median property tax rate of 1.16%. Understanding how these areas compare with Union 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 Union Tax Rate
1.16%
Average Scott County Tax Rate
1.02%
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 | 0.96% | 0.99% | 1.16% | 1.65% | 1.92% |
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 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 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. For instance, the median home price in Union is $31,120, with tax bills ranging from $235 at the 25th percentile to $2,508 at the 90th percentile. The highest and lowest median tax bills are both found in the 39365 zip code, each at $463. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Union Assessed Value
$31,120
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 Union, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39365 | $19,997 | $26,292 | $31,120 | $68,562 | $147,422 |
Source: Ownwell
Property Tax Bills Across Union, Mississippi
In Union, located in Scott County, MS, property tax bills are calculated based on the assessed value of a home. This assessed value is typically a percentage of the market value, which is determined by local assessors. For homeowners in Union, the median home price stands at $31,120. Property taxes are then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the assessed value, local tax rates, and any applicable exemptions. In Union, the tax bill varies significantly, with the 25th percentile at $235 and the 75th percentile reaching $1,498. The 90th percentile tax bill can go as high as $2,508. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Union's rates reflect the local economic conditions and the community's funding needs. The highest and lowest median tax bills in the area are both $463, found in the 39365 zip code.
Average Union Tax Bill
$463
Average Scott County Tax Bill
$504
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 | $173 | $235 | $463 | $1,498 | $2,508 |
Source: Ownwell