Potts Camp, Mississippi Property Taxes
The median property tax rate in Potts Camp, MS is 1.72%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Potts Camp, the typical annual property tax bill reaches $433, which is significantly lower than the national median of $2,690. Property taxes in Potts Camp 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 Potts Camp'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 Potts Camp 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
Potts Camp, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$758
Ownwell’s Potts Camp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potts Camp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potts Camp 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 Potts Camp, Mississippi
Property taxes in Potts Camp, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potts Camp is 1.72%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Potts Camp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potts Camp 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 Potts Camp's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38659 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Potts Camp provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potts Camp Tax Rate
1.72%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potts Camp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | 0.72% | 0.85% | 1.72% | 1.72% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Potts Camp, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Potts Camp, 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 Marshall 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 Potts Camp, 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 Potts Camp is $44,080, with tax bills ranging from $113 at the 25th percentile to $1,501 at the 90th percentile. The zip code 38659 has both the highest and lowest median tax bill at $433. 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 their tax burden.
Average Potts Camp Assessed Value
$44,080
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potts Camp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | $1,130 | $8,555 | $44,080 | $76,835 | $131,675 |
Source: Ownwell
Property Tax Bills Across Potts Camp, Mississippi
In Potts Camp, located in Marshall County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Potts Camp is $44,080. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value and, consequently, the tax bill. For instance, the tax bill at the 25th percentile is $113, while at the 75th percentile, it rises to $885. At the 90th percentile, homeowners might see a tax bill as high as $1,501. In comparison, the national median property tax rate stands at 0.99%, which provides context for understanding local tax burdens. These property taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting homeowners and their communities.
Average Potts Camp Tax Bill
$433
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Potts Camp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | $16 | $113 | $433 | $885 | $1,501 |
Source: Ownwell