Friars Point, Mississippi Property Taxes
The median property tax rate in Friars Point, MS is 3.22%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Friars Point being $24,214, the typical annual property tax bill reaches $613, which is lower than the national median of $2,690. Property taxes in Friars Point 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 Friars Point'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 Friars Point or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Friars Point, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.22%
Estimate Property Tax Bill
$780
Ownwell’s Friars Point Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Friars Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Friars Point to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. To explore trends at a neighborhood level, scroll down for more localized information. Your property’s assessed value is the figure assigned by Coahoma County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Friars Point, Mississippi
Property taxes in Friars Point, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Friars Point is 3.22%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Friars Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Friars Point 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 Friars Point's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38631 zip code has the highest median property tax rate of 3.22%, while the same zip code also has the lowest median tax rate of 3.22%. Understanding how these areas compare with Friars Point provides valuable insights into the varying tax landscape across Coahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Friars Point Tax Rate
3.22%
Average Coahoma County Tax Rate
1.87%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Friars Point, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38631 | 1.65% | 1.74% | 3.22% | 3.22% | 3.22% |
Source: Ownwell
Property Tax Assessment Values Across Friars Point, Mississippi
In Friars Point, 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 Coahoma 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 Friars Point, 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 Friars Point is $24,214, with tax bills ranging from $290 at the 25th percentile to $1,542 at the 90th percentile. 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 Friars Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Friars Point, Mississippi
Source: Ownwell
$23,510
$75,961
$128,412
Average Friars Point Assessed Value
$24,214
Average Coahoma County Assessed Value
$38,666
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Friars Point, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38631 | $9,208 | $13,238 | $24,214 | $45,676 | $56,351 |
Source: Ownwell
Property Tax Bills Across Friars Point, Mississippi
In Friars Point, Coahoma 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, and the local tax rate is set by the county. For instance, with a median home price of $24,214, homeowners can expect varying tax bills based on the assessed value and applicable exemptions. Several factors influence the property tax bill, including the property's assessed value, applicable exemptions, and the local tax rate. Homeowners in Friars Point might see tax bills ranging from $290 at the 25th percentile to $1,542 at the 90th percentile. The median tax bill in the highest and lowest zip codes is $613, which is significantly lower than the national median property tax rate of 0.99%. This tax structure can significantly impact homeowners, as lower property taxes can make homeownership more affordable, while higher taxes can add financial strain. Understanding these factors helps homeowners anticipate their annual financial obligations more accurately.
Average Friars Point Tax Bill
$613
Average Coahoma County Tax Bill
$908
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Friars Point, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38631 | $184 | $290 | $613 | $1,143 | $1,542 |
Source: Ownwell