Florence, Mississippi Property Taxes
The median property tax rate in Florence, MS is 0.85%, 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 Florence at $101,860, the typical annual property tax bill is around $814, significantly below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Florence'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 Florence or another part of Rankin County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$866
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Mississippi
Property taxes in Florence, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.85%, lower than both the Mississippi state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39073 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these areas compare with Florence provides valuable insights into the varying tax landscape across Rankin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
0.85%
Average Rankin County Tax Rate
0.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | 0.34% | 0.58% | 0.85% | 1.13% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Mississippi
In Florence, 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 Rankin 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 Florence, 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. Florence homeowners should note that the median home price is $101,860, with tax bills ranging from $364 at the 25th percentile to $2,317 at the 90th percentile. The zip code with the highest and lowest median tax bill is 39073, both at $814. Being aware of these valuation processes in Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Florence Assessed Value
$101,860
Average Rankin County Assessed Value
$136,735
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | $22,042 | $51,582 | $101,860 | $156,120 | $231,777 |
Source: Ownwell
Property Tax Bills Across Florence, Mississippi
In Florence, located in Rankin County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $101,860, homeowners can expect varying tax bills depending on where their property falls within the assessed value spectrum. Factors such as property size, location, and improvements play a significant role in the assessment. Homeowners in Florence typically see tax bills ranging from $364 at the 25th percentile to $1,519 at the 75th percentile, with the highest bills reaching up to $2,317 at the 90th percentile. Compared to the national median property tax rate of 0.99%, Florence's rates offer a relatively affordable option for homeowners. This variability in tax bills significantly affects homeowners, as those with higher-valued properties contribute more in taxes, impacting their annual financial planning and overall cost of homeownership.
Average Florence Tax Bill
$814
Average Rankin County Tax Bill
$1,263
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | $168 | $364 | $814 | $1,519 | $2,317 |
Source: Ownwell