Toomsuba, Mississippi Property Taxes
In Toomsuba, Mississippi, the median property tax rate is 1.06%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $55,730, the typical annual property tax bill in Toomsuba amounts to $533, which is significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Toomsuba'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 Toomsuba or another part of Lauderdale County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toomsuba, 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 Toomsuba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toomsuba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toomsuba 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 Toomsuba, Mississippi
Property taxes in Toomsuba, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toomsuba is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Toomsuba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toomsuba 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 Toomsuba's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39364 has the same median property tax rate of 1.06%. Understanding how these areas compare with Toomsuba provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toomsuba Tax Rate
1.06%
Average Lauderdale County Tax Rate
1.54%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toomsuba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39364 | 0.66% | 0.78% | 1.06% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Toomsuba, Mississippi
In Toomsuba, 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 Lauderdale 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 Toomsuba, 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. For instance, the median home price in Toomsuba is $55,730, with tax bills ranging from $240 at the 25th percentile to $1,793 at the 90th percentile. The zip code 39364 has the highest and lowest median tax bill at $533. 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 Toomsuba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Toomsuba Assessed Value
$55,730
Average Lauderdale County Assessed Value
$61,125
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toomsuba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39364 | $7,352 | $19,590 | $55,730 | $97,320 | $172,234 |
Source: Ownwell
Property Tax Bills Across Toomsuba, Mississippi
In Toomsuba, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Toomsuba is $55,730. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners in Toomsuba, the tax bill can vary significantly. The 25th percentile of tax bills is $240, while the 75th percentile reaches $1,102, and the 90th percentile climbs to $1,793. These figures indicate that while some homeowners face relatively low property tax bills, others may find their bills quite substantial. The highest median tax bill in the area is $533, which is still below the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in market conditions can also influence the assessed value and, consequently, the tax bill. Understanding these factors is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Toomsuba Tax Bill
$533
Average Lauderdale County Tax Bill
$844
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Toomsuba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39364 | $89 | $240 | $533 | $1,102 | $1,793 |
Source: Ownwell