Verona, Mississippi Property Taxes
The median property tax rate in Verona, MS is 1.41%, notably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $61,140 in Verona, the typical annual property tax bill amounts to $1,047, surpassing the national median of $2,690. Property taxes in Verona are calculated based on the assessed value, which is typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Verona'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 Verona 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
Verona, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$862
Ownwell’s Verona Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Verona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Verona to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those curious about neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Lee County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Verona, Mississippi
Property taxes in Verona, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Verona is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Verona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Verona 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 Verona's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38879 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Verona provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Verona Tax Rate
1.41%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Verona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38879 | 1.37% | 1.41% | 1.41% | 2.11% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Verona, Mississippi
In Verona, 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 Lee 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 Verona, 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 Verona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Verona is $1,047 in the 38879 zip code.
Average Verona Assessed Value
$61,140
Average Lee County Assessed Value
$101,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Verona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38879 | $25,295 | $45,550 | $61,140 | $77,412 | $103,255 |
Source: Ownwell
Property Tax Bills Across Verona, Mississippi
In Verona, the property tax bill is calculated based on the assessed value of a home, which is derived from the market value. For example, with a median home price of $61,140, the assessed value is a critical factor in determining the tax bill. Homeowners in Verona typically see tax bills ranging from $588 at the 25th percentile to $1,643 at the 90th percentile. The median tax bill in the area is $1,047, which is higher than the national median property tax rate of 0.99%. Factors such as property location within Lee County and any applicable exemptions also influence the final tax amount. This system ensures that property taxes are distributed fairly based on property values, but it can also mean significant variations in tax bills for homeowners. Understanding these factors can help homeowners anticipate their tax liabilities and budget accordingly. The highest and lowest median tax bills both sit at $1,047, indicating a consistent tax rate across different areas within the city.
Average Verona Tax Bill
$1,047
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Verona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38879 | $294 | $588 | $1,047 | $1,365 | $1,643 |
Source: Ownwell