Brandon, Mississippi Property Taxes
The median property tax rate in Brandon, MS is 0.83%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $104,900 in Brandon, the typical annual property tax bill amounts to $828, significantly below the national median of $2,690. Property taxes in Brandon are calculated based on the tax assessed value, often 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
0.83%
Estimate Property Tax Bill
$871
$808
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 0.83%, which is lower than both the Mississippi state median and 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 Mississippi and the national median. For comparison, the 39042 zip code in Brandon has a median property tax rate of 0.83%. Understanding how these values compare with Brandon provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brandon Tax Rate
0.83%
Average Smith County Tax Rate
0.83%
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 | 0.75% | 0.77% | 0.83% | 0.95% | 1.08% |
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 Smith 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. The highest and lowest median tax bills in the area are both $828, found in zip code 39042.
Average Brandon Assessed Value
$104,900
Average Smith County Assessed Value
$63,970
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 | $39,844 | $77,620 | $104,900 | $112,000 | $163,078 |
Source: Ownwell
Property Tax Bills Across Brandon, Mississippi
In Brandon, located in Smith County, MS, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and typically represents a percentage of the market value of the property. Homeowners in Brandon can expect their property tax bills to vary significantly depending on several factors, including the specific assessed value of their home and any applicable exemptions. The median home price in Brandon is $104,900, and property tax bills can range widely. For instance, homeowners at the 25th percentile pay around $626, while those at the 75th percentile face bills of about $1,092. At the 90th percentile, the tax bill can go up to $1,475. The highest and lowest median tax bills in the area both stand at $828, specifically in zip code 39042. These variations can have significant financial implications for homeowners, influencing their overall cost of living and budgeting. Compared to the national median property tax rate of 0.99%, Brandon's rates offer a unique perspective on property tax burdens.
Average Brandon Tax Bill
$828
Average Smith County Tax Bill
$565
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 | $353 | $626 | $828 | $1,092 | $1,475 |
Source: Ownwell