Mc Cool, Mississippi Property Taxes
The median property tax rate in MC COOL, MS is 1.21%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $48,120 in MC COOL, the typical annual property tax bill amounts to $301, significantly less than the national median of $2,690. Property taxes in MC COOL are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding MC COOL's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of MC COOL or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mc Cool, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s MC COOL Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in MC COOL with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in MC COOL to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Choctaw County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mc Cool, Mississippi
Property taxes in Mc Cool, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Cool is 1.21%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mc Cool set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Cool 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 Mc Cool's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39108 has both the highest and lowest median property tax rate of 1.21%. Understanding how these cities compare with Mc Cool provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Cool Tax Rate
1.21%
Average Choctaw County Tax Rate
0.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Cool, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39108 | 0.35% | 0.41% | 1.21% | 1.21% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Mc Cool, Mississippi
In MC COOL, 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 Choctaw 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 MC COOL, 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 MC COOL helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $301, with the zip code 39108.
Average Mc Cool Assessed Value
$48,120
Average Choctaw County Assessed Value
$55,604
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Cool, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39108 | $9,826 | $23,898 | $48,120 | $69,742 | $108,714 |
Source: Ownwell
Property Tax Bills Across Mc Cool, Mississippi
In Mc Cool, located in Choctaw County, MS, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. For instance, with a median home price of $48,120, the assessed value is used to calculate the tax bill. Tax rates can vary, and in Mc Cool, the median tax bill is $301, which is significantly lower than the national median property tax rate of 0.99%. Factors such as the property's location, size, and any applicable exemptions or deductions also play a role in determining the final tax bill. For homeowners, understanding these factors is crucial as they directly impact the amount owed annually. Lower tax bills can make homeownership more affordable, but they also reflect the level of local public services and infrastructure funded by these taxes.
Average Mc Cool Tax Bill
$301
Average Choctaw County Tax Bill
$414
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Cool, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39108 | $75 | $170 | $301 | $548 | $870 |
Source: Ownwell