Petal, Mississippi Property Taxes
The median property tax rate in Petal, MS is 0.98%, 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 $55,360 in Petal, the typical annual property tax bill is around $406, which is well below the national median of $2,690. Property taxes in Petal are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Petal's property tax system, exploring available exemptions, and identifying potential reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Petal or in other parts of the city, knowing the local property tax intricacies will be beneficial.
Last Updated June 14, 2024
Petal, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$543
Ownwell’s Petal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petal 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 Petal, Mississippi
Property taxes in Petal, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petal is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Petal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petal 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 Petal's effective property tax rate to other areas in Perry County and the national median. For comparison, the zip code 39465 has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Petal provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petal Tax Rate
0.98%
Average Perry County Tax Rate
1.56%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | 0.45% | 0.65% | 0.98% | 1.56% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Petal, Mississippi
In Petal, 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 Perry 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 Petal, 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. Being aware of these valuation processes in Petal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Petal are both found in the zip code 39465, each at $406.
Average Petal Assessed Value
$55,360
Average Perry County Assessed Value
$39,820
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $2,958 | $13,900 | $55,360 | $94,970 | $140,272 |
Source: Ownwell
Property Tax Bills Across Petal, Mississippi
In Petal, located in Perry County, MS, property tax bills are calculated based on the assessed value of a home. The assessment process involves determining the market value of the property, which is then multiplied by an assessment ratio set by the state to arrive at the assessed value. This assessed value is subsequently multiplied by the local tax rate to compute the tax bill. For Petal homeowners, the median home price is $55,360. The tax bill can vary significantly, with the 25th percentile at $123 and the 75th percentile reaching $887. At the 90th percentile, homeowners might see a tax bill as high as $1,375. The highest median tax bill in the area is $406, which is consistent across the zip code 39465. Comparatively, the national median property tax rate is 0.99%, influencing how local rates can affect homeowners. Higher property taxes can impact home affordability and overall cost of living, making it essential for homeowners to understand these factors in managing their expenses.
Average Petal Tax Bill
$406
Average Perry County Tax Bill
$338
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $34 | $123 | $406 | $887 | $1,375 |
Source: Ownwell