Walls, Mississippi Property Taxes
The median property tax rate in Walls, MS is 1.51%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Walls, the typical annual property tax bill reaches $1,672, which is below the national median of $2,690. Property taxes in Walls 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 Walls’ property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Walls 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
Walls, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$1,590
Ownwell’s Walls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walls 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 Walls, Mississippi
Property taxes in Walls, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walls is 1.51%, notably higher than the U.S. national median of 0.99%. Local government entities within Walls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walls 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 Walls' effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38680 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Walls 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 Walls Tax Rate
1.51%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walls, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38680 | 1.01% | 1.44% | 1.51% | 2.16% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Walls, Mississippi
In Walls, 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 Walls, 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 Walls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38680 holds the highest median tax bill at $1,672, while also being the lowest.
Average Walls Assessed Value
$105,303
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 Walls, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38680 | $22,573 | $73,568 | $105,303 | $129,635 | $164,493 |
Source: Ownwell
Property Tax Bills Across Walls, Mississippi
In Walls, located in DeSoto County, MS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Walls is $105,303. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, home improvements, and local tax rates influence the final amount. For instance, the 25th percentile tax bill is $1,081, while the 75th percentile tax bill reaches $2,081. At the higher end, the 90th percentile tax bill can be as much as $3,201. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Comparatively, Walls' property tax rates are in line with the national median property tax rate of 0.99%, ensuring that homeowners receive valuable community benefits for their tax contributions. The highest median tax bill in the area is recorded at $1,672, which is consistent across the zip code 38680.
Average Walls Tax Bill
$1,672
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Walls, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38680 | $236 | $1,081 | $1,672 | $2,081 | $3,201 |
Source: Ownwell