Lena, Mississippi Property Taxes
The median property tax rate in Lena, MS is 0.86%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $60,595 in Lena, the typical annual property tax bill amounts to $501, significantly below the national median of $2,690. Property taxes in Lena are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lena'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 Lena 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
Lena, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$521
Ownwell’s Lena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lena 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 Lena, Mississippi
Property taxes in Lena, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lena is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Lena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lena 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 Lena's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39094 has the same median property tax rate of 0.86%. Understanding how these areas compare with Lena 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 Lena Tax Rate
0.86%
Average Rankin County Tax Rate
0.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | 0.48% | 0.60% | 0.86% | 1.46% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Lena, Mississippi
In Lena, 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 Lena, 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 Lena is $60,595, with tax bills ranging from $257 at the 25th percentile to $2,409 at the 90th percentile. The zip code 39094 has both the highest and lowest median tax bills at $501. Being aware of these valuation processes in Lena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lena Assessed Value
$60,595
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 Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | $17,448 | $29,500 | $60,595 | $121,662 | $268,207 |
Source: Ownwell
Property Tax Bills Across Lena, Mississippi
In Lena, Rankin County, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors influencing the tax bill include the property's market value, local assessment ratios, and the specific tax rate set by local authorities. For homeowners in Lena, the median home price stands at $60,595. Property tax bills can vary significantly, with the 25th percentile at $257 and the 75th percentile reaching $1,308. At the 90th percentile, homeowners might see tax bills as high as $2,409. These figures highlight the range of financial impacts property taxes can have on residents. Compared to the national median property tax rate of 0.99%, understanding these local nuances is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Lena Tax Bill
$501
Average Rankin County Tax Bill
$1,263
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39094 | $141 | $257 | $501 | $1,308 | $2,409 |
Source: Ownwell