Olive Branch, Mississippi Property Taxes
The median property tax rate in Olive Branch, MS is 1.14%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $64,320 in Olive Branch, the typical annual property tax bill is $543, which is significantly below the national median of $2,690. Property taxes in Olive Branch are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Olive Branch's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Olive Branch or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olive Branch, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$733
Ownwell’s Olive Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive Branch 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 Olive Branch, Mississippi
Property taxes in Olive Branch, Mississippi, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Branch is 1.14%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Olive Branch set these rates annually, and they can vary across different neighborhoods. Each year, Olive Branch 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 Olive Branch's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38654 has both the highest and lowest median property tax rate of 1.14%. Understanding how these cities compare with Olive Branch provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Branch Tax Rate
1.14%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Branch, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | 0.33% | 0.78% | 1.14% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Olive Branch, Mississippi
In Olive Branch, 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 local 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 Olive Branch, 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. The median home price in Olive Branch is $64,320, with the 25th percentile tax bill at $297 and the 75th percentile at $1,095. The highest and lowest median tax bills in Olive Branch are both $543, found in zip code 38654. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Olive Branch, Mississippi
Source: Ownwell
$31,190
$80,435
$129,680
Average Olive Branch Assessed Value
$64,320
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Branch, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | $10,274 | $31,785 | $64,320 | $106,625 | $163,980 |
Source: Ownwell
Property Tax Bills Across Olive Branch, Mississippi
In Olive Branch, located in Marshall County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions. For example, the median home price in Olive Branch is $64,320. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $297 and the 75th percentile reaching $1,095. The highest median tax bill in the area is $543, found in the 38654 zip code. Comparatively, the national median property tax rate is 0.99%, making Olive Branch's tax rates relatively moderate. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and manage their finances effectively.
Average Olive Branch Tax Bill
$543
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Branch, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | $140 | $297 | $543 | $1,095 | $1,792 |
Source: Ownwell