Lexington, Mississippi Property Taxes
The median property tax rate in Lexington, MS is 1.22%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With a median home value of $73,585 in Lexington, the typical annual property tax bill amounts to $704, which is significantly lower than the national median of $2,690. Property taxes in Lexington are determined based on the tax assessed value, often lower than the market value thanks to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of Lexington's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Lexington or another part of Yazoo County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$898
$833
Ownwell’s Lexington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington 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 Lexington, Mississippi
Property taxes in Lexington, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 1.22%, which is higher than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39095 zip code has the highest median property tax rate of 1.22%, while also having the lowest median tax rate of 1.22%. Understanding how these areas compare with Lexington provides valuable insights into the varying tax landscape across Yazoo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
1.22%
Average Yazoo County Tax Rate
1.74%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39095 | 0.48% | 0.79% | 1.22% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Mississippi
In Lexington, 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 local 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 Lexington, 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 Lexington 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 $704.00, found in the 39095 zip code.
Average Lexington Assessed Value
$73,585
Average Yazoo County Assessed Value
$47,455
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39095 | $14,545 | $36,875 | $73,585 | $120,265 | $140,420 |
Source: Ownwell
Property Tax Bills Across Lexington, Mississippi
In Lexington, Mississippi, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. For instance, with a median home price of $73,585, the property tax rate is applied to this assessed value to estimate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Yazoo County, where Lexington is located, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $418 annually, while those at the 75th percentile could see bills as high as $1,121. For the top 10% of properties, tax bills can reach up to $1,626. The median tax bill in the area is $704, which is relatively low compared to the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by affecting their annual housing costs and potentially influencing their decisions on buying or selling property.
Average Lexington Tax Bill
$704
Average Yazoo County Tax Bill
$698
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39095 | $223 | $418 | $704 | $1,121 | $1,626 |
Source: Ownwell