Schlater, Mississippi Property Taxes
The median property tax rate in Schlater, MS is 1.82%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Schlater at $59,238, the typical annual property tax bill reaches $706, which is significantly lower than the national median of $2,690. Property taxes in Schlater 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 Schlater'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 Schlater 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
Schlater, 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 Schlater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schlater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schlater 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 Schlater, Mississippi
Property taxes in Schlater, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schlater is 0.81%, significantly lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Schlater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schlater 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 Schlater's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38952 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Schlater provides valuable insights into the varying tax landscape across Leflore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Schlater Tax Rate
1.82%
Average Leflore County Tax Rate
1.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schlater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38952 | 0.80% | 0.99% | 1.82% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Schlater, Mississippi
In Schlater, 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 Leflore 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 Schlater, 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. The median home price in Schlater is $59,238, with tax bills ranging from $317 at the 25th percentile to $1,804 at the 75th percentile, and up to $6,250 at the 90th percentile. 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 Schlater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schlater Assessed Value
$59,238
Average Leflore County Assessed Value
$41,840
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Schlater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38952 | $12,262 | $26,818 | $59,238 | $167,186 | $402,065 |
Source: Ownwell
Property Tax Bills Across Schlater, Mississippi
In Schlater, Leflore County, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's condition, size, and location. For homeowners, this means that any improvements or changes to their property can affect their tax bill. In Schlater, the median home price is $59,238, which is relatively low compared to national figures. Consequently, the property tax bills in this area also tend to be lower. The 25th percentile tax bill is around $317, while the 75th percentile reaches $1,804. At the 90th percentile, some homeowners may see bills as high as $6,250. The median tax bill in the 38952 zip code is $706, illustrating the variance within the region. These taxes fund essential services, impacting the community's quality of life and homeowners' financial planning.
Average Schlater Tax Bill
$706
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Schlater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38952 | $173 | $317 | $706 | $1,804 | $6,250 |
Source: Ownwell