Sarah, Mississippi Property Taxes
The median property tax rate in Sarah, Mississippi is 1.32%, slightly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Sarah, the typical annual property tax bill reaches $574, significantly lower than the national median of $2,690. Property taxes in Sarah 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 Sarah'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 Sarah or another part of Panola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sarah, 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 SARAH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SARAH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SARAH 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 Sarah, Mississippi
Property taxes in SARAH, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SARAH is 0.59%, significantly lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within SARAH set these rates annually, and they can vary significantly across different neighborhoods. Each year, SARAH 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 SARAH's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38665 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with SARAH provides valuable insights into the varying tax landscape across Panola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sarah Tax Rate
1.32%
Average Panola County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sarah, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38665 | 0.89% | 0.98% | 1.32% | 1.94% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Sarah, Mississippi
In SARAH, 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 Panola 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 SARAH, 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. In Panola County, the median home price is $32,301, with annual tax bills ranging from $345 at the 25th percentile to $1,589 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38665, both at $574. Being aware of these valuation processes in SARAH helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Sarah Assessed Value
$32,301
Average Panola County Assessed Value
$42,358
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sarah, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38665 | $16,432 | $22,346 | $32,301 | $66,172 | $116,326 |
Source: Ownwell
Property Tax Bills Across Sarah, Mississippi
In SARAH, property tax bills are calculated based on the assessed value of a home, which is determined by the Panola County Assessor. The assessed value is a percentage of the property's market value. For instance, with a median home price of $32,301, the property tax rate will be applied to the assessed value to calculate the tax bill. Homeowners in SARAH can expect tax bills to vary significantly, ranging from the 25th percentile at $345 to the 90th percentile at $1,589, with a median tax bill of $574. Several factors influence the tax bill, including the property's location, market value, and any applicable exemptions. These taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, SARAH's property tax rates ensure that homeowners contribute to the community's development while reflecting the local real estate market's dynamics. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Sarah Tax Bill
$574
Average Panola County Tax Bill
$671
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Sarah, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38665 | $216 | $345 | $574 | $961 | $1,589 |
Source: Ownwell