Soso, Mississippi Property Taxes
The median property tax rate in Soso, MS is 1.09%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value in Soso of $75,130, the typical annual property tax bill is $829, which is significantly below the national median of $2,690. Property taxes in Soso are calculated based on the tax assessed value, which often falls below the market value thanks to exemptions like the primary residence and agricultural exemptions. Understanding Soso'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 Soso or another part of Jones County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Soso, 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 SOSO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOSO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOSO 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 Soso, Mississippi
Property taxes in Soso, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Soso is 1.09%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Soso set these rates annually, and they can vary significantly across different neighborhoods. Each year, Soso 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 Soso's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39480 has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Soso 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 Soso Tax Rate
1.09%
Average Jones County Tax Rate
1.30%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Soso, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39480 | 0.34% | 0.87% | 1.09% | 1.92% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Soso, Mississippi
In Soso, 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 Soso, 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 Soso helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 39480 has the highest and lowest median tax bill at $829. By being informed about these processes, homeowners can take proactive steps to manage their property tax obligations effectively.
Average Soso Assessed Value
$75,130
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 Soso, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39480 | $22,352 | $45,280 | $75,130 | $116,530 | $182,952 |
Source: Ownwell
Property Tax Bills Across Soso, Mississippi
In Soso, located in Jones County, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of the market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Soso, understanding these calculations is crucial. With a median home price of $75,130, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $430, while the 75th percentile tax bill reaches $1,486. At the higher end, the 90th percentile tax bill is $2,294. Compared to the national median property tax rate of 0.99%, Soso's property taxes can be relatively manageable, but they still represent a significant annual expense for homeowners. These taxes fund essential local services, including schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Soso Tax Bill
$829
Average Jones County Tax Bill
$874
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Soso, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39480 | $182 | $430 | $829 | $1,486 | $2,294 |
Source: Ownwell