Thaxton, Mississippi Property Taxes
The median property tax rate in Thaxton, MS is 0.88%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $30,460 in Thaxton, the typical annual property tax bill amounts to $387, significantly below the national median of $2,690. Property taxes in Thaxton 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 Thaxton'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 Thaxton 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
Thaxton, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Thaxton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Thaxton using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thaxton to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Thaxton, Mississippi
Property taxes in Thaxton, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thaxton is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Thaxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thaxton 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 Thaxton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38871 has the highest median property tax rate of 0.88%, while also having the lowest median tax rate of 0.88%. Understanding how these cities compare with Thaxton provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thaxton Tax Rate
0.88%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | 0.65% | 0.71% | 0.88% | 1.57% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Thaxton, Mississippi
In Thaxton, 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 Union 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 Thaxton, 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 Thaxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38871 has both the highest and lowest median tax bills, each at $387.
Average Thaxton Assessed Value
$30,460
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $8,270 | $16,145 | $30,460 | $83,250 | $167,010 |
Source: Ownwell
Property Tax Bills Across Thaxton, Mississippi
In Thaxton, Union County, MS, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor, who evaluates the property's market value and then applies an assessment ratio to arrive at the assessed value. For homeowners in Thaxton, the tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. For instance, with a median home price of $30,460, homeowners in Thaxton can expect a wide range in their property tax bills. At the 25th percentile, the tax bill is about $167, while at the 75th percentile, it rises to $876. Those at the 90th percentile might see tax bills as high as $1,651. The highest and lowest median tax bills in the area both stand at $387, highlighting some consistency in the tax assessments. This variability can significantly impact homeowners, influencing their financial planning and overall cost of living.
Average Thaxton Tax Bill
$387
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $79 | $167 | $387 | $876 | $1,651 |
Source: Ownwell