Horn Lake, Mississippi Property Taxes
The median property tax rate in Horn Lake, MS is 2.23%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Horn Lake at $67,458, the typical annual property tax bill reaches $1,497, which, while lower than the national median of $2,690, can still be a significant expense. Property taxes in Horn Lake are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Horn Lake'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 Horn Lake 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
Horn Lake, 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 Horn Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Horn Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Horn Lake 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 Horn Lake, Mississippi
Property taxes in Horn Lake, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Horn Lake is 0.81%, which is lower than both the Mississippi state median of 0.88% and the U.S. national median of 0.99%. Local government entities within Horn Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Horn Lake 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 Horn Lake's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38637 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Horn Lake 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 Horn Lake Tax Rate
2.23%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Horn Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38637 | 2.22% | 2.23% | 2.23% | 2.23% | 2.23% |
Source: Ownwell
Property Tax Assessment Values Across Horn Lake, Mississippi
In Horn Lake, 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 Horn Lake, 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. The zip code 38637 has the highest median tax bill at $1,497, which is significantly higher than the national median property tax rate of 0.99%. Being aware of these valuation processes in Horn Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Horn Lake Assessed Value
$67,458
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 Horn Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38637 | $53,768 | $60,098 | $67,458 | $80,495 | $102,349 |
Source: Ownwell
Property Tax Bills Across Horn Lake, Mississippi
Property tax bills in Horn Lake, located in DeSoto County, MS, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is a percentage of the property's market value. For example, the median home price in Horn Lake is $67,458. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and overall market conditions can influence the assessed value. Homeowners in Horn Lake experience varying tax bills, with the 25th percentile tax bill at $1,326 and the 75th percentile tax bill at $1,782. The 90th percentile tax bill can go up to $2,251. The median tax bill in the area is $1,497, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life and property values.
Average Horn Lake Tax Bill
$1,497
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Horn Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38637 | $1,172 | $1,326 | $1,497 | $1,782 | $2,251 |
Source: Ownwell