Philipp, Mississippi Property Taxes
The median property tax rate in Philipp, MS is 1.71%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Philipp, the typical annual property tax bill reaches $605, which is significantly lower than the national median of $2,690. Property taxes in Philipp are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Philipp'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 Philipp 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
Philipp, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$668
Ownwell’s Philipp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philipp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philipp 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 Philipp, Mississippi
Property taxes in Philipp, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philipp is 1.71%, significantly higher than the U.S. national median of 0.99%. Local government entities within Philipp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philipp 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 Philipp's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38950 has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these areas compare with Philipp 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 Philipp Tax Rate
1.71%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | 0.68% | 0.83% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Philipp, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Philipp, Mississippi. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by 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. Assessment notices in Philipp 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. The median home price in Philipp is $39,036, with tax bills ranging from $209 at the 25th percentile to $3,004 at the 90th percentile. The zip code 38950 has the highest and lowest median tax bill at $605. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Philipp Assessed Value
$39,036
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 Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | $6,098 | $14,750 | $39,036 | $83,288 | $180,950 |
Source: Ownwell
Property Tax Bills Across Philipp, Mississippi
In Philipp, located in Tallahatchie County, Mississippi, property tax bills are calculated based on the assessed value of a home. This value is determined by the local tax assessor, who evaluates the property's market value and applies an assessment ratio, which typically varies by state. Once the assessed value is established, the local tax rate, also known as the millage rate, is applied to calculate the annual tax bill. For homeowners in Philipp, the median home price is $39,036. The property tax bills can vary significantly, with the 25th percentile tax bill being $209 and the 75th percentile reaching $1,213. At the 90th percentile, homeowners might see tax bills as high as $3,004. These figures show a considerable range, reflecting different property values and assessment outcomes. With the national median property tax rate at 0.99%, Philipp's property taxes offer a unique comparison point for homeowners. Understanding these factors helps residents anticipate their financial obligations and plan accordingly.
Average Philipp Tax Bill
$605
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | $83 | $209 | $605 | $1,213 | $3,004 |
Source: Ownwell