Tougaloo, Mississippi Property Taxes
The median property tax rate in Tougaloo, MS is 1.94%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Tougaloo at $31,765, the typical annual property tax bill reaches $635, which is below the national median of $2,690. Property taxes in Tougaloo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tougaloo'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 Tougaloo 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
Tougaloo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$616
Ownwell’s Tougaloo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tougaloo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tougaloo 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 Tougaloo, Mississippi
Property taxes in Tougaloo, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tougaloo is 1.94%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Tougaloo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tougaloo 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 Tougaloo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39174 ZIP code has the highest median property tax rate of 1.94%, while the 39174 ZIP code also has the lowest median tax rate of 1.94%. Understanding how these cities compare with Tougaloo provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tougaloo Tax Rate
1.94%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | 1.68% | 1.78% | 1.94% | 2.10% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Tougaloo, Mississippi
In Tougaloo, 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 Madison County Assessor 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 Tougaloo, 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 Tougaloo is $31,765, with tax bills ranging from $527 at the 25th percentile to $808 at the 90th percentile. The highest and lowest median tax bills are both $635 in the 39174 zip code. By understanding these valuation concepts, property owners can navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tougaloo Assessed Value
$31,765
Average Madison County Assessed Value
$167,330
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | $27,065 | $28,828 | $31,765 | $34,702 | $36,465 |
Source: Ownwell
Property Tax Bills Across Tougaloo, Mississippi
In Tougaloo, located in Madison County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, this means that the tax bill is influenced by the local property tax rate and the home's assessed value. The median home price in Tougaloo is $31,765, with property tax bills typically ranging from $527 at the 25th percentile to $808 at the 90th percentile. Several factors play a role in determining the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions. Homeowners in Tougaloo can expect their property tax bills to be relatively modest compared to the national median property tax rate of 0.99%. For instance, the highest median tax bill in the area is $635, which is still below the national average. This can be advantageous for homeowners, as it keeps annual housing costs lower, contributing to overall affordability in the region.
Average Tougaloo Tax Bill
$635
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | $462 | $527 | $635 | $743 | $808 |
Source: Ownwell