Indianola, Mississippi Property Taxes
The median property tax rate in Indianola, MS is 1.85%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Indianola at $53,072, the typical annual property tax bill reaches $949, which is below the national median of $2,690. Property taxes in Indianola are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Indianola'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 Indianola 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
Indianola, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$982
Ownwell’s Indianola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Indianola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indianola 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 Indianola, Mississippi
Property taxes in Indianola, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indianola is 1.85%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Indianola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indianola 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 Indianola's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38736 has the highest median property tax rate of 1.85%, while zip code 38751 has the lowest median tax rate of 1.85%. Understanding how these areas compare with Indianola provides valuable insights into the varying tax landscape across Sunflower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indianola Tax Rate
1.85%
Average Sunflower County Tax Rate
1.85%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indianola, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38736 | 1.85% | 1.85% | 1.85% | 1.85% | 1.85% |
| 38751 | 0.79% | 1.34% | 1.85% | 2.62% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Indianola, Mississippi
In Indianola, 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 Sunflower 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 Indianola, 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. The median home price in Indianola is $53,072, with tax bills ranging widely. For example, the 25th percentile tax bill is $589, while the 75th percentile tax bill is $1,499, and the 90th percentile tax bill reaches $2,306. The highest median tax bill is $2,480 in zip code 38736, while the lowest median tax bill is $948 in zip code 38751. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Indianola Assessed Value
$53,072
Average Sunflower County Assessed Value
$50,210
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indianola, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38736 | $133,878 | $133,878 | $133,878 | $133,878 | $133,878 |
| 38751 | $21,158 | $36,001 | $53,053 | $76,321 | $129,940 |
Source: Ownwell
Property Tax Bills Across Indianola, Mississippi
In Indianola, located in Sunflower County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate. For instance, with a median home price of $53,072, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Tax bills in this area show a wide range, with the 25th percentile at $589 and the 75th percentile reaching $1,499. At the higher end, the 90th percentile tax bill is $2,306. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Indianola's rates reflect the local economic conditions and government funding needs. The highest median tax bill in the area is $2,480 in the 38736 zip code, while the lowest median tax bill is $948 in the 38751 zip code, illustrating the variability within the region.
Average Indianola Tax Bill
$949
Average Sunflower County Tax Bill
$885
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Indianola, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38736 | $2,480 | $2,480 | $2,480 | $2,480 | $2,480 |
| 38751 | $301 | $589 | $948 | $1,496 | $2,300 |
Source: Ownwell