Neely, Mississippi Property Taxes
The median property tax rate in Neely, MS is 1.91%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Neely, the typical annual property tax bill reaches $234, which is significantly lower than the national median of $2,690. Property taxes in Neely 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 Neely'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 Neely 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
Neely, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$296
Ownwell’s Neely Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neely 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 Neely, Mississippi
Property taxes in Neely, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neely is 1.91%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Neely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neely 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 Neely's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39461 zip code has the highest median property tax rate of 1.91%, while the same 39461 zip code also has the lowest median tax rate of 1.91%. Understanding how these areas compare with Neely provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neely Tax Rate
1.91%
Average Greene County Tax Rate
1.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neely, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39461 | 0.89% | 1.08% | 1.91% | 1.93% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Neely, Mississippi
In Neely, 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 local authorities 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 Neely, 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. For instance, the median home price in Neely is $15,480, with tax bills ranging from $91 at the 25th percentile to $1,271 at the 90th percentile. The highest and lowest median tax bills in the area, both at $234, are found in the 39461 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Neely Assessed Value
$15,480
Average Greene County Assessed Value
$13,790
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neely, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39461 | $1,494 | $5,765 | $15,480 | $65,652 | $114,404 |
Source: Ownwell
Property Tax Bills Across Neely, Mississippi
In Neely, located in Greene County, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value of the home. For instance, if a home has a median market price of $15,480, the tax bill is derived by applying the local tax rate to this assessed value. The tax bills in Neely can vary widely, with the 25th percentile tax bill being around $91 and the 75th percentile reaching up to $762. The highest median tax bill recorded is $234, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, assessed value, and applicable exemptions. For homeowners in Neely, understanding these factors is crucial for budgeting and financial planning. Lower property tax bills can make homeownership more affordable, but they also reflect the local government's revenue for public services and infrastructure.
Average Neely Tax Bill
$234
Average Greene County Tax Bill
$191
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Neely, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39461 | $28 | $91 | $234 | $762 | $1,271 |
Source: Ownwell