Morton, Mississippi Property Taxes
The median property tax rate in Morton, MS is 0.77%, considerably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Morton at $63,700, the typical annual property tax bill reaches $511, significantly below the national median of $2,690. Property taxes in Morton 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 Morton'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 Morton 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
Morton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$490
$455
Ownwell’s Morton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morton 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 Morton, Mississippi
Property taxes in Morton, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morton is 0.77%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Morton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morton 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 Morton's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39117 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Morton 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 Morton Tax Rate
0.77%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39117 | 0.43% | 0.62% | 0.77% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Morton, Mississippi
In Morton, 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 Morton, 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 Morton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Morton is $511 in the 39117 zip code, while the lowest median tax bill is also $511 in the same zip code.
Average Morton Assessed Value
$63,700
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 Morton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39117 | $17,390 | $32,820 | $63,700 | $113,470 | $171,730 |
Source: Ownwell
Property Tax Bills Across Morton, Mississippi
Property tax bills in Morton, Smith County, MS, are determined by assessing the value of a property and then applying the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county's appraisal district. In Morton, the median home price is $63,700. The property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, homeowners in Morton see a range of tax bills, with the 25th percentile at $267 and the 75th percentile at $1,007. The highest median tax bill in the area is $511, which is relatively low compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding these factors is crucial for budgeting and financial planning. Lower property taxes in Morton can make homeownership more affordable compared to other regions.
Average Morton Tax Bill
$511
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Morton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39117 | $135 | $267 | $511 | $1,007 | $1,585 |
Source: Ownwell