Little Rock, Mississippi Property Taxes
The median property tax rate in Little Rock, MS is 0.90%, 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 Little Rock at $57,875, the typical annual property tax bill is $565, significantly below the national median of $2,690. Property taxes in Little Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Little Rock'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 Little Rock 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
Little Rock, 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 Little Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Rock 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 Little Rock, Mississippi
Property taxes in Little Rock, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Rock is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Rock 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 Little Rock's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39337 zip code has the highest median property tax rate of 0.90%, while the 39337 zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Little Rock provides valuable insights into the varying tax landscape across Neshoba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Rock Tax Rate
0.90%
Average Neshoba County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | 0.67% | 0.72% | 0.90% | 1.66% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Little Rock, Mississippi
In Little Rock, 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 Neshoba 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. 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. In Little Rock, the median home price is $57,875, with tax bills ranging from $255 at the 25th percentile to $1,251 at the 90th percentile. The zip code with the highest median tax bill is 39337, with a tax bill of $565. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Rock Assessed Value
$57,875
Average Neshoba County Assessed Value
$53,540
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | $10,878 | $26,458 | $57,875 | $84,508 | $124,679 |
Source: Ownwell
Property Tax Bills Across Little Rock, Mississippi
In Little Rock, Neshoba County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate, known as the millage rate, is then applied to the assessed value to determine the annual property tax bill. Factors such as the property's location, size, and any improvements or modifications can influence the assessed value. Homeowners in Little Rock experience varying tax bills, with the 25th percentile paying around $255 and the 75th percentile paying approximately $815. For those in the 90th percentile, the tax bill can reach up to $1251. Compared to the national median property tax rate of 0.99%, Little Rock's property taxes can be quite reasonable, especially considering the median home price of $57,875. Understanding these factors helps homeowners anticipate their annual tax obligations and plan accordingly.
Average Little Rock Tax Bill
$565
Average Neshoba County Tax Bill
$527
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | $55 | $255 | $565 | $815 | $1,251 |
Source: Ownwell