Chunky, Mississippi Property Taxes
The median property tax rate in Chunky, Mississippi is 0.97%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With a median home value of $56,850 in Chunky, the typical annual property tax bill amounts to $549, which is much less than the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Chunky'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 Chunky 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
Chunky, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$551
Ownwell’s Chunky Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Chunky. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Chunky to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities. For those interested in more granular data, localized information is available further down the page. Your property’s assessed value, determined by Newton County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Chunky, Mississippi
Property taxes in Chunky, Mississippi, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Chunky is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Chunky set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chunky 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 Chunky's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39323 zip code has the highest median property tax rate of 0.97%, while the 39323 zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Chunky provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chunky Tax Rate
0.97%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | 0.49% | 0.78% | 0.97% | 1.78% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Chunky, Mississippi
In Chunky, 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 Newton 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 Chunky, 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. The median home price in Chunky is $56,850, with property tax bills ranging from $258 at the 25th percentile to $1,744 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chunky Assessed Value
$56,850
Average Newton County Assessed Value
$57,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | $11,482 | $25,780 | $56,850 | $93,120 | $157,108 |
Source: Ownwell
Property Tax Bills Across Chunky, Mississippi
In Chunky, located in Newton County, MS, property tax bills are calculated based on the assessed value of the home, which is a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $56,850, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $258, while at the 75th percentile, it rises to approximately $1,084. For those at the 90th percentile, the tax bill can reach up to $1,744. These tax bills can have a substantial impact on homeowners, influencing their monthly expenses and overall financial planning. Compared to the national median property tax rate of 0.99%, Chunky's tax rates reflect local economic conditions and public service funding needs. Homeowners should be aware of how these factors interplay to affect their annual property tax obligations.
Average Chunky Tax Bill
$549
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | $122 | $258 | $549 | $1,084 | $1,744 |
Source: Ownwell