Magee, Mississippi Property Taxes
The median property tax rate in Magee, MS is 0.98%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With the median home value in Magee at $57,630, the typical annual property tax bill is around $614, far below the national median of $2,690. Property taxes in Magee are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Magee'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 Magee or another part of Simpson County, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Magee, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$565
$524
Ownwell’s Magee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magee 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 Simpson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Magee, Mississippi
Property taxes in Magee, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Magee is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Magee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magee 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 Magee's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39111 has both the highest and the lowest median property tax rate of 0.98%. Understanding how these areas compare with Magee provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magee Tax Rate
0.98%
Average Simpson County Tax Rate
0.99%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | 0.37% | 0.71% | 0.98% | 1.65% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Magee, Mississippi
In Magee, 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 Simpson 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 Magee, 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 Magee 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 bills is 39111, with a median tax bill of $614.
Average Magee Assessed Value
$57,630
Average Simpson County Assessed Value
$52,820
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | $14,770 | $31,940 | $57,630 | $100,030 | $162,080 |
Source: Ownwell
Property Tax Bills Across Magee, Mississippi
In Magee, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and condition play a significant role in its market value, which in turn affects the assessed value. For homeowners in Magee, the median home price is $57,630. Property tax bills vary significantly, with the 25th percentile paying around $300 annually, while those in the 75th percentile pay approximately $1,138. Homeowners in the 90th percentile face tax bills as high as $1,797. Despite these variations, the median tax bill in Magee remains consistent at $614, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can be advantageous for homeowners, making Magee an attractive place for property investment.
Average Magee Tax Bill
$614
Average Simpson County Tax Bill
$510
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Magee, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39111 | $119 | $300 | $614 | $1,138 | $1,797 |
Source: Ownwell