Corinth, Mississippi Property Taxes
The median property tax rate in Corinth, MS is 0.82%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $57,240 in Corinth, the typical annual property tax bill amounts to $422, significantly less than the national median of $2,690. Property taxes in Corinth are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Corinth's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Corinth or another part of Alcorn County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corinth, 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 Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Mississippi
Property taxes in Corinth, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinth is 0.82%, lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38834 zip code has the highest median property tax rate of 0.82%, while the 38834 zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Corinth provides valuable insights into the varying tax landscape across Alcorn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
0.82%
Average Alcorn County Tax Rate
0.82%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | 0.29% | 0.44% | 0.82% | 1.02% | 1.74% |
| 38835 | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Mississippi
In Corinth, 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 Alcorn 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 Corinth, 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. The median home price in Corinth is $57,240, with tax bills ranging from $202 at the 25th percentile to $1,392 at the 90th percentile. The highest median tax bill is $422 in zip code 38834, while the lowest is $358 in zip code 38835. 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 Corinth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Corinth Assessed Value
$57,240
Average Alcorn County Assessed Value
$54,430
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | $13,570 | $31,780 | $57,235 | $92,145 | $152,591 |
| 38835 | $145,350 | $145,350 | $145,350 | $145,350 | $145,350 |
Source: Ownwell
Property Tax Bills Across Corinth, Mississippi
In Corinth, located in Alcorn County, MS, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined through periodic evaluations. Factors such as the home's location, size, and condition play a significant role in these evaluations. For homeowners in Corinth, the median home price is $57,240. Tax bills vary significantly within the city, with the 25th percentile at $202, the 75th percentile at $822, and the 90th percentile reaching $1,392. The highest median tax bill in the area is $422 in the 38834 zip code, while the lowest is $358 in the 38835 zip code. Compared to the national median property tax rate of 0.99%, the property tax rates in Corinth can have a noticeable impact on homeowners' annual expenses. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Corinth Tax Bill
$422
Average Alcorn County Tax Bill
$422
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | $104 | $202 | $422 | $823 | $1,392 |
| 38835 | $358 | $358 | $358 | $358 | $358 |
Source: Ownwell