38642 Property Tax Rate

Property owners in ZIP code 38642 (Lamar, Mississippi) pay a median of $479/year in property taxes on homes valued at $116,200. This translates to an effective tax rate of 0.41%, which is 44% below the Mississippi state average of 0.73%.

The monthly property tax burden for a median-valued home in 38642 is approximately $40, which factors into escrow payments on mortgages. This ZIP code is located within Benton County. This is $431 less than the Mississippi average of $910/year.

Compared to similar ZIP codes in Mississippi, 38642 has lower property taxes. ZIP codes with similar effective rates include 39641 (0.41%) and 38876 (0.42%).

In Lamar, property taxes represent approximately 0.8% of the median household income of $58,857, providing context for the relative tax burden on homeowners in this area.

Mississippi reassesses property at market value when sold; the Benton County assessor will set a new appraised value reflecting your purchase price. The Homestead Exemption of $7,500 applies automatically to owner-occupied primary residences in Mississippi — contact the Benton County Assessor to verify your homestead classification is properly recorded before the next tax year. File any homestead exemption paperwork within 30 days of closing to secure the reduction on your first full tax bill.