Oakland, Mississippi Property Taxes
The median property tax rate in Oakland, Mississippi is 1.10%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Oakland being $47,934, the typical annual property tax bill amounts to $477, significantly below the national median of $2,690. Property taxes in Oakland are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$527
Ownwell’s Oakland Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities. For those interested in more detailed information, localized trends are available further down the page. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account applicable exemptions.
Property Tax Rates Across Oakland, Mississippi
Property taxes in Oakland, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 1.10%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38948 zip code has the same median property tax rate of 1.10%. Understanding how these areas compare with Oakland provides valuable insights into the varying tax landscape across Tallahatchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
1.10%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | 0.42% | 0.84% | 1.10% | 1.87% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Mississippi
In Oakland, 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 Tallahatchie 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Oakland are both $477, found in the 38948 zip code.
Average Oakland Assessed Value
$47,934
Average Tallahatchie County Assessed Value
$42,376
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | $8,716 | $22,112 | $47,934 | $79,708 | $124,860 |
Source: Ownwell
Property Tax Bills Across Oakland, Mississippi
In Oakland, Tallahatchie County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The local tax rate, or millage rate, is then applied to the assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For homeowners in Oakland, the median home price is $47,934. Property tax bills can vary significantly, with the 25th percentile tax bill at $228 and the 75th percentile at $1,033. Even more, the 90th percentile tax bill reaches $1,681. Comparatively, the national median property tax rate is 0.99%, making Oakland's property taxes relatively moderate. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Therefore, understanding how property tax bills are calculated can help homeowners manage their finances and anticipate annual expenses.
Average Oakland Tax Bill
$477
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | $97 | $228 | $477 | $1,033 | $1,681 |
Source: Ownwell