Nesbit, Mississippi Property Taxes
The median property tax rate in Nesbit, MS is 1.01%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $35,000 in Nesbit, the typical annual property tax bill amounts to $375, which is significantly below the national median of $2,690. Property taxes in Nesbit are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Nesbit'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 Nesbit 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
Nesbit, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$354
Ownwell’s Nesbit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nesbit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nesbit 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 Nesbit, Mississippi
Property taxes in Nesbit, Mississippi, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Nesbit is 1.01%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Nesbit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nesbit 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 Nesbit's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38651 zip code has both the highest and lowest median property tax rates of 1.01%. Understanding how these cities compare with Nesbit 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 Nesbit 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 Nesbit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38651 | 0.87% | 1.00% | 1.01% | 1.45% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Nesbit, Mississippi
In Nesbit, 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 Nesbit, 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 Nesbit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38651 has both the highest and lowest median tax bills, with a value of $375.
Average Nesbit Assessed Value
$35,000
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 Nesbit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38651 | $10,057 | $20,000 | $35,000 | $103,242 | $209,263 |
Source: Ownwell
Property Tax Bills Across Nesbit, Mississippi
In Nesbit, located in DeSoto County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Nesbit, the median home price is $35,000, with property tax bills ranging significantly. For example, the 25th percentile tax bill is $200, while the 75th percentile tax bill reaches $1,220, and the 90th percentile tax bill climbs to $2,273. These figures highlight the variability in property tax obligations depending on individual property characteristics and valuations. Compared to the national median property tax rate of 0.99%, Nesbit's tax rates can be more favorable, providing potential savings for homeowners. However, understanding the specifics of how property taxes are calculated and what factors are considered is crucial for effective financial planning and management.
Average Nesbit 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 Nesbit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38651 | $122 | $200 | $375 | $1,220 | $2,273 |
Source: Ownwell