Lena, Mississippi Property Taxes
The median property tax rate in Lena, MS is 0.84%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lena, the typical annual property tax bill amounts to $482, significantly less than the national median of $2,690. Property taxes in Lena 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 Lena'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 Lena 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
Lena, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$488
Ownwell’s Lena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lena 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 Lena, Mississippi
Property taxes in Lena, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lena is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Lena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lena 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 Lena's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39094 zip code has the highest median property tax rate of 0.84%, while the 39094 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Lena provides valuable insights into the varying tax landscape across Leake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lena Tax Rate
0.84%
Average Leake County Tax Rate
0.86%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | 0.30% | 0.80% | 0.84% | 0.98% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Lena, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lena, Mississippi. 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 Leake 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 Lena, 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 Lena is $58,055, with tax bills ranging from $250 at the 25th percentile to $1,641 at the 90th percentile. The zip code with the highest median tax bill is 39094, where the median tax bill is $482. 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 Lena Assessed Value
$58,055
Average Leake County Assessed Value
$64,340
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | $19,075 | $34,928 | $58,055 | $88,320 | $149,235 |
Source: Ownwell
Property Tax Bills Across Lena, Mississippi
In Lena, located in Leake County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Lena can expect their tax bills to vary significantly, with the 25th percentile paying around $250 annually, while those in the 75th percentile face bills closer to $900. The highest tax bills, at the 90th percentile, can reach up to $1,641. Several factors influence these tax amounts, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the rates in Lena may seem relatively modest, but they still play a crucial role in the financial planning of homeowners. Understanding these factors helps homeowners anticipate their annual obligations and manage their finances more effectively.
Average Lena Tax Bill
$482
Average Leake County Tax Bill
$579
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | $120 | $250 | $482 | $900 | $1,641 |
Source: Ownwell