Merigold, Mississippi Property Taxes
The median property tax rate in Merigold, MS is 1.12%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Merigold at $46,066, the typical annual property tax bill amounts to $574, which is significantly below the national median of $2,690. Property taxes in Merigold are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Merigold'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 Merigold 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
Merigold, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$516
$479
Ownwell’s Merigold Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Merigold with just two key data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merigold to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For more detailed trends at the neighborhood level, scroll down to access localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Merigold, Mississippi
Property taxes in Merigold, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Merigold is 0.81%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Merigold set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merigold 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 Merigold's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38759 zip code has the highest median property tax rate of 0.81%, while the 38759 zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Merigold provides valuable insights into the varying tax landscape across Sunflower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merigold Tax Rate
1.12%
Average Sunflower County Tax Rate
1.85%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merigold, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38759 | 0.54% | 0.83% | 1.12% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Merigold, Mississippi
In Merigold, 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 Sunflower 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 Merigold, 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 Merigold helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Merigold is $46,066, with the 25th percentile tax bill at $329 and the 75th percentile tax bill at $927. The highest and lowest median tax bill in the area is $574, found in zip code 38759.
Average Merigold Assessed Value
$46,066
Average Sunflower County Assessed Value
$50,210
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merigold, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38759 | $13,834 | $26,944 | $46,066 | $77,094 | $112,968 |
Source: Ownwell
Property Tax Bills Across Merigold, Mississippi
In Merigold, located in Sunflower County, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. Homeowners in Merigold typically see a median home price of $46,066. The local property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. For homeowners in Merigold, the tax bill can vary widely. The 25th percentile tax bill stands at $329, while those in the 75th percentile pay around $927. At the higher end, the 90th percentile tax bill reaches $1,356. These figures highlight the range of property tax burdens within the area, influenced by the home's assessed value and the local tax rate. Compared to the national median property tax rate of 0.99%, Merigold's rates offer a unique perspective on how property taxes impact homeowners in this part of Mississippi.
Average Merigold Tax Bill
$574
Average Sunflower County Tax Bill
$885
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Merigold, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38759 | $174 | $329 | $574 | $927 | $1,356 |
Source: Ownwell