Mount Olive, Mississippi Property Taxes
The median property tax rate in Mount Olive, MS is 1.31%, aligning with the state median but noticeably higher than the national median of 0.99%. With the median home value in Mount Olive at $45,355, the typical annual property tax bill is $564, which is significantly lower than the national median of $2,690. Property taxes in Mount Olive are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mount Olive'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 Mount Olive 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
Mount Olive, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$594
Ownwell’s MOUNT OLIVE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT OLIVE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT OLIVE 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 Mount Olive, Mississippi
Property taxes in Mount Olive, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other areas in Jefferson Davis County and the national median. For comparison, the 39119 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these areas compare with Mount Olive provides valuable insights into the varying tax landscape across Jefferson Davis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olive Tax Rate
1.31%
Average Jefferson Davis County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | 0.65% | 0.97% | 1.31% | 2.06% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, Mississippi
In Mount Olive, 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 Jefferson Davis 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 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 Mount Olive 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 $564, found in the 39119 zip code.
Average Mount Olive Assessed Value
$45,355
Average Jefferson Davis County Assessed Value
$51,960
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $13,392 | $24,348 | $45,355 | $69,402 | $107,193 |
Source: Ownwell
Property Tax Bills Across Mount Olive, Mississippi
In Mount Olive, property tax bills are calculated based on the assessed value of a home, which is determined by the Jefferson Davis County tax assessor. The assessed value is a percentage of the property's market value. For example, with a median home price of $45,355, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $279 annually, while those in the 75th percentile could see bills as high as $955. At the 90th percentile, the tax bill can reach $1,486. These tax bills are influenced by several factors, including property improvements, neighborhood developments, and local tax rates. The highest median tax bill in the area is $564, found in the 39119 zip code. Compared to the national median property tax rate of 0.99%, Mount Olive's property tax rates can be considered relatively modest. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and the overall cost of homeownership.
Average Mount Olive Tax Bill
$564
Average Jefferson Davis County Tax Bill
$654
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $169 | $279 | $564 | $955 | $1,486 |
Source: Ownwell