Falkner, Mississippi Property Taxes
The median property tax rate in Falkner, MS is 1.93%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Falkner at $14,120, the typical annual property tax bill reaches $154, which is significantly lower than the national median of $2,690. Property taxes in Falkner 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 Falkner'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 Falkner or another part of Benton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Falkner, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.93%
Estimate Property Tax Bill
$273
Ownwell’s Falkner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falkner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falkner 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 Falkner, Mississippi
Property taxes in Falkner, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falkner is 1.93%, significantly higher than the U.S. national median of 0.99%. Local government entities within Falkner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falkner 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 Falkner's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38629 zip code has the highest median property tax rate of 1.93%, while the same zip code also has the lowest median tax rate of 1.93%. Understanding how these cities compare with Falkner provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falkner Tax Rate
1.93%
Average Benton County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | 0.90% | 1.65% | 1.93% | 1.97% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Falkner, Mississippi
In Falkner, 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 Benton 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. Assessment notices in Falkner 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 Falkner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in zip code 38629 is $154.00, reflecting the localized nature of property tax rates.
Average Falkner Assessed Value
$14,120
Average Benton County Assessed Value
$21,390
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | $1,050 | $3,780 | $14,120 | $43,170 | $88,310 |
Source: Ownwell
Property Tax Bills Across Falkner, Mississippi
Property tax bills in Falkner, located in Benton County, MS, are calculated based on the assessed value of a property, which is determined by the county tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Falkner experience a range of tax bills, with the 25th percentile at $62 and the 75th percentile at $459, indicating variability based on property values and other factors. Several elements influence the tax bill, including the property's assessed value, any applicable exemptions, and the local tax rate. The tax rate in Falkner is lower than the national median property tax rate of 0.99%, making it relatively affordable for homeowners. The highest median tax bill in the area is $154, found in the 38629 zip code, which is still modest compared to national figures. This affordability can ease the financial burden on homeowners, allowing them to allocate resources to other needs or investments.
Average Falkner Tax Bill
$154
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | $11 | $62 | $154 | $459 | $1,082 |
Source: Ownwell