Pontotoc, Mississippi Property Taxes
The median property tax rate in Pontotoc, MS is 1.31%, aligning with the state median but significantly higher than the national median of 0.99%. With a median home value of $64,871, the typical annual property tax bill in Pontotoc reaches $934, which is below the national median of $2,690. Property taxes in Pontotoc are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Familiarizing yourself with Pontotoc's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pontotoc 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
Pontotoc, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$850
Ownwell’s Pontotoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pontotoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pontotoc 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 Pontotoc, Mississippi
Property taxes in Pontotoc, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pontotoc is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Pontotoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pontotoc 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 Pontotoc's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38863 has both the highest and lowest median property tax rate of 1.31%. Understanding how these cities compare with Pontotoc provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pontotoc Tax Rate
1.31%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | 1.28% | 1.28% | 1.31% | 1.91% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Pontotoc, Mississippi
In Pontotoc, 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 Pontotoc 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 Pontotoc, 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. For instance, the median home price in Pontotoc is $64,871, with tax bills ranging from $539 at the 25th percentile to $2,366 at the 90th percentile. The highest and lowest median tax bills are both $934 in zip code 38863. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pontotoc Assessed Value
$64,871
Average Pontotoc County Assessed Value
$62,532
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | $15,941 | $35,280 | $64,871 | $112,621 | $172,458 |
Source: Ownwell
Property Tax Bills Across Pontotoc, Mississippi
In Pontotoc, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. Various factors such as property size, location, and improvements can affect this valuation. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. For homeowners in Pontotoc, the median home price is $64,871. Property tax bills can vary significantly, with the 25th percentile tax bill at $539 and the 75th percentile tax bill at $1,566. The 90th percentile tax bill can go up to $2,366, indicating a wide range in tax amounts depending on property specifics. Comparatively, Pontotoc's property tax rates are relatively favorable, considering the national median property tax rate of 0.99%. This means that while property taxes are a necessary expense for homeowners, they remain relatively manageable in Pontotoc, making it an attractive place for property investment.
Average Pontotoc Tax Bill
$934
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | $252 | $539 | $934 | $1,566 | $2,366 |
Source: Ownwell