Ovett, Mississippi Property Taxes
The median property tax rate in Ovett, MS is 1.07%, 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 Ovett at $66,100, the typical annual property tax bill amounts to $741, which is significantly below the national median of $2,690. Property taxes in Ovett are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Ovett's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in considerable annual savings. Whether you reside in Ovett or another part of Jones County, familiarizing yourself with the local property tax structure will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Ovett, 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 Ovett Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ovett with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ovett 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 Ovett, Mississippi
Property taxes in Ovett, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ovett is 0.52%, significantly lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Ovett set these rates annually, and they can vary across different neighborhoods. Each year, Ovett 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 Ovett's effective property tax rate to other counties in Mississippi and the national median. For comparison, the highest median property tax rate in Jones County is 0.52%, while the lowest median tax rate is also 0.52%. Understanding how these cities compare with Ovett provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ovett Tax Rate
1.07%
Average Jones County Tax Rate
1.30%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ovett, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39464 | 0.35% | 0.87% | 1.07% | 1.93% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Ovett, Mississippi
In Ovett, 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 Jones 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 Ovett, 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 Ovett helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in Ovett is $741, with the highest and lowest median tax bills both found in the 39464 zip code.
Average Ovett Assessed Value
$66,100
Average Jones County Assessed Value
$66,415
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ovett, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39464 | $18,140 | $35,360 | $66,100 | $104,690 | $155,058 |
Source: Ownwell
Property Tax Bills Across Ovett, Mississippi
In Ovett, located in Jones County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $66,100, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $378, while those in the 75th percentile pay approximately $1,235. At the 90th percentile, the tax bill can reach up to $2,047. Several factors influence the tax bill, including the property's location, size, and condition. The local tax rate, which is applied to the assessed value, also plays a crucial role. For homeowners, these taxes fund essential public services like schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Ovett's rates reflect the local economic conditions and property values, impacting the overall affordability and cost of homeownership in the area.
Average Ovett Tax Bill
$741
Average Jones County Tax Bill
$874
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ovett, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39464 | $196 | $378 | $741 | $1,235 | $2,047 |
Source: Ownwell