Walnut Grove, Mississippi Property Taxes
The median property tax rate in Walnut Grove, MS is 0.83%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $56,950 in Walnut Grove, the typical annual property tax bill is approximately $476, well below the national median of $2,690. Property taxes in Walnut Grove are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Walnut Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you reside in Walnut Grove or another part of Leake County, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut Grove, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$473
Ownwell’s Walnut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential buyer estimate their annual property taxes in Walnut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Grove 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 Leake County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Walnut Grove, Mississippi
Property taxes in Walnut Grove, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Grove is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Walnut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Grove 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 Walnut Grove's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39189 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Walnut Grove 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 Walnut Grove Tax Rate
0.83%
Average Leake County Tax Rate
0.86%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | 0.24% | 0.71% | 0.83% | 1.02% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Grove, Mississippi
In Walnut Grove, 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 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 Walnut Grove, 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 Walnut Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walnut Grove is $476 in the 39189 zip code, matching the lowest median tax bill, which is also $476 in the same zip code.
Average Walnut Grove Assessed Value
$56,950
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 Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | $16,390 | $34,970 | $56,950 | $95,030 | $152,820 |
Source: Ownwell
Property Tax Bills Across Walnut Grove, Mississippi
In Walnut Grove, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is a percentage of the property's market value. For example, if the median home price in Walnut Grove is $56,950, this value is used as a basis for determining the tax bill. The property tax rate in Walnut Grove is compared to the national median property tax rate of 0.99%. Homeowners in this region can expect their tax bills to vary widely. For instance, the tax bill at the 25th percentile is $255, while at the 75th percentile, it rises to $968, and at the 90th percentile, it can reach up to $1,860. These tax bills can significantly impact homeowners, affecting their annual financial planning. In Leake County, where Walnut Grove is located, the median tax bill is $476, which is consistent across different zip codes. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Walnut Grove Tax Bill
$476
Average Leake County Tax Bill
$579
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | $86 | $255 | $476 | $968 | $1,860 |
Source: Ownwell