Greenwood, Washington County, Mississippi Property Taxes

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Greenwood’s effective property tax rate to other cities in Mississippi and the median property tax rates in Mississippi and the U.S.

Greenwood, located in Leflore County, Mississippi, has an effective property tax rate that stands out significantly when compared to national and state averages. The median property tax rate in Mississippi is 0.81%, considerably lower than the national median of 1.02%. However, Greenwood's rate is notably higher, reflecting unique local budgetary needs and property valuations. This disparity highlights the importance of understanding local tax structures and exploring potential avenues for reducing your property tax burden. Whether you're a homeowner or a prospective buyer, being informed about how property taxes are assessed in Greenwood can lead to substantial savings over time.

In Greenwood, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax rates are then applied to this assessed value to determine the annual tax bill for homeowners. For instance, in Washington County, where Greenwood is located, the median property tax bill is significantly lower than the national median, providing some relief to homeowners. However, the tax bill can still vary widely, with the 25th percentile at $615 and the 90th percentile reaching $939, indicating a range of tax burdens depending on property values and other factors.

Factors influencing these tax bills include the property’s assessed value and applicable exemptions or deductions. The impact on homeowners can be substantial, especially if their property is assessed at a higher value than its actual market worth. This is where Ownwell steps in to assist homeowners by offering property tax appeal services. By challenging potentially inflated assessments, Ownwell helps homeowners reduce their tax burdens, ensuring they only pay their fair share, ultimately leading to significant savings.