Hernando, Mississippi Property Taxes
The median property tax rate in Hernando, MS is 1.01%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $38,520, the typical annual property tax bill in Hernando is $375, which is significantly below the national median of $2,690. Property taxes in Hernando are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hernando'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 Hernando or another part of DeSoto County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hernando, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$389
Ownwell’s Hernando Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hernando with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hernando 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 Hernando, Mississippi
Property taxes in Hernando, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hernando is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Hernando set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hernando 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 Hernando's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38632 zip code has the highest median property tax rate of 1.01%, while the same zip code also represents the lowest median tax rate of 1.01%. Understanding how these areas compare with Hernando provides valuable insights into the varying tax landscape across DeSoto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hernando Tax Rate
1.01%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hernando, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | 0.61% | 1.00% | 1.01% | 1.50% | 2.08% |
Source: Ownwell
Property Tax Assessment Values Across Hernando, Mississippi
In Hernando, 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 DeSoto 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 Hernando, 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. For instance, the highest median tax bill in the area is $375 in the 38632 zip code, while the lowest median tax bill is also $375 in the same zip code. Being aware of these valuation processes in Hernando helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hernando Assessed Value
$38,520
Average Desoto County Assessed Value
$77,329
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hernando, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | $6,000 | $13,365 | $38,520 | $95,726 | $179,154 |
Source: Ownwell
Property Tax Bills Across Hernando, Mississippi
In Hernando, DeSoto County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, applied to this assessed value, determines the annual property tax bill. Homeowners in Hernando can expect their tax bills to vary significantly. For instance, tax bills at the 25th percentile are around $134, while those at the 75th percentile reach approximately $1,429. At the 90th percentile, the tax bill can soar to $2,736. The median home price in Hernando is $38,520, and property tax rates in this region are relatively low compared to the national median property tax rate of 0.99%. This means that homeowners in Hernando generally pay less in property taxes than the average American homeowner. However, the exact amount can still vary based on the specific assessed value and local tax rates, impacting household budgets and financial planning.
Average Hernando Tax Bill
$375
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hernando, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | $61 | $134 | $375 | $1,429 | $2,736 |
Source: Ownwell