Saltillo, Mississippi Property Taxes
The median property tax rate in Saltillo, MS is 1.32%, slightly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $125,530 in Saltillo, the typical annual property tax bill amounts to $1,638, which is below the national median of $2,690. Property taxes in Saltillo are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Saltillo'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 Saltillo 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
Saltillo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,657
Ownwell’s Saltillo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Saltillo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Saltillo 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 Saltillo, Mississippi
Property taxes in Saltillo, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Saltillo is 1.32%, which is notably higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Saltillo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Saltillo 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 Saltillo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the ZIP code 38866 has both the highest and lowest median property tax rate of 1.32%. Understanding how these areas compare with Saltillo provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Saltillo Tax Rate
1.32%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Saltillo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38866 | 1.07% | 1.07% | 1.32% | 1.34% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Saltillo, Mississippi
In Saltillo, 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 Lee County Assessor's Office 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 Saltillo, 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. The median home price in Saltillo is $125,530, with tax bills varying significantly. For example, the 25th percentile tax bill is $977, while the 75th percentile tax bill is $2,340, and the 90th percentile tax bill reaches $3,189. 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 Saltillo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Saltillo Assessed Value
$125,530
Average Lee County Assessed Value
$101,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Saltillo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38866 | $40,096 | $73,320 | $125,530 | $188,110 | $259,998 |
Source: Ownwell
Property Tax Bills Across Saltillo, Mississippi
In Saltillo, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, if the median home price in Saltillo is $125,530, the assessed value is determined by the local assessment rate. Homeowners in Saltillo can expect property tax bills to vary significantly. The 25th percentile tax bill is around $977, while the 75th percentile tax bill reaches up to $2,340. At the 90th percentile, homeowners might pay as much as $3,189 annually. Several factors influence these tax bills, including property size, location, and any applicable exemptions. The highest median tax bill in Saltillo's zip code 38866 is $1,638, which is below the national median property tax rate of 0.99%. These tax obligations can impact homeowners by affecting their annual budgets and the overall affordability of their property. Understanding these elements is crucial for homeowners to manage their finances effectively and anticipate future tax liabilities.
Average Saltillo Tax Bill
$1,638
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Saltillo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38866 | $535 | $977 | $1,638 | $2,340 | $3,189 |
Source: Ownwell