Lake Cormorant, Mississippi Property Taxes
The median property tax rate in Lake Cormorant, MS is 1.01%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Lake Cormorant at $45,383, the typical annual property tax bill amounts to $425, which is significantly below the national median of $2,690. Property taxes in Lake Cormorant are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Lake Cormorant's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Lake Cormorant or another part of DeSoto County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Cormorant, 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 Lake Cormorant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Cormorant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Cormorant 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 Lake Cormorant, Mississippi
Property taxes in Lake Cormorant, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Cormorant is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Lake Cormorant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Cormorant 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 Lake Cormorant's effective property tax rate to other areas in DeSoto County and the national median. For comparison, the zip code 38641 has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Lake Cormorant provides valuable insights into the varying tax landscape across DeSoto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Cormorant Tax Rate
1.01%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Cormorant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | 0.60% | 1.00% | 1.01% | 1.44% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Lake Cormorant, Mississippi
In Lake Cormorant, 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 DeSoto 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 Lake Cormorant, 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. 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 Lake Cormorant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $425.00, found in zip code 38641.
Property Tax Assessment Values Across Lake Cormorant, Mississippi
Source: Ownwell
$35,000
$93,307
$151,613
Average Lake Cormorant Assessed Value
$45,383
Average Desoto County Assessed Value
$77,329
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Cormorant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | $21,048 | $31,854 | $45,383 | $99,523 | $205,995 |
Source: Ownwell
Property Tax Bills Across Lake Cormorant, Mississippi
In Lake Cormorant, DeSoto County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. For example, with a median home price of $45,383, homeowners can expect their property tax bill to vary significantly. Factors such as the property's location, size, and condition play a crucial role in determining the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Lake Cormorant, the tax bill ranges from the 25th percentile at $283 to the 75th percentile at $993, with the highest median tax bill recorded at $425 in the 38641 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life. Understanding these factors can help homeowners anticipate their annual tax obligations and plan accordingly.
Average Lake Cormorant Tax Bill
$425
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Cormorant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | $189 | $283 | $425 | $993 | $2,466 |
Source: Ownwell