Holcomb, Mississippi Property Taxes
The median property tax rate in Holcomb, Mississippi is 1.57%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Holcomb, the typical annual property tax bill reaches $454, which is notably lower than the national median of $2,690. Property taxes in Holcomb 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 Holcomb'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 Holcomb 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
Holcomb, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$509
Ownwell’s HOLCOMB Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLCOMB with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLCOMB 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 Holcomb, Mississippi
Property taxes in Holcomb, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holcomb is 1.57%, significantly higher than the U.S. national median of 0.99%. Local government entities within Holcomb set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holcomb 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 Holcomb's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38940 has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these cities compare with Holcomb provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holcomb Tax Rate
1.57%
Average Carroll County Tax Rate
1.57%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holcomb, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38940 | 0.85% | 0.90% | 1.57% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Holcomb, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Holcomb, Mississippi. 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 Carroll 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 Holcomb, 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 Holcomb helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Holcomb's median home price is $32,418, with tax bills ranging from $271 at the 25th percentile to $2,773 at the 90th percentile. The zip code 38940 has the highest and lowest median tax bill at $454.
Average Holcomb Assessed Value
$32,418
Average Carroll County Assessed Value
$31,552
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holcomb, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38940 | $16,659 | $27,300 | $32,418 | $76,351 | $217,281 |
Source: Ownwell
Property Tax Bills Across Holcomb, Mississippi
In Holcomb, Carroll County, MS, property tax bills are determined based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, applied to this assessed value, is a critical factor in calculating the final tax bill. For homeowners, the median home price is $32,418. Tax bills can vary significantly within the region. For instance, the 25th percentile tax bill is $271, while the 75th percentile tax bill is $1,343, and the 90th percentile tax bill reaches $2,773. The highest and lowest median tax bills in the area are both $454, reflecting a uniform rate across different zip codes within Carroll County. Comparatively, the national median property tax rate is 0.99%, suggesting that property taxes in Holcomb might be relatively lower. Understanding these factors helps homeowners anticipate their annual tax obligations, which can impact their overall financial planning and stability.
Average Holcomb Tax Bill
$454
Average Carroll County Tax Bill
$394
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Holcomb, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38940 | $224 | $271 | $454 | $1,343 | $2,773 |
Source: Ownwell