Prairie, Mississippi Property Taxes
The median property tax rate in Prairie, MS is 1.72%, significantly higher than both the national median of 0.99% and Mississippi's state median of 1.31%. With the median home value in Prairie at $40,030, the typical annual property tax bill amounts to $316, which is below the national median of $2,690. Property taxes in Prairie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Prairie’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 Prairie or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prairie, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$689
Ownwell’s Prairie Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Prairie. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Prairie to provide an accurate property tax bill estimate. This valuable resource helps you anticipate your tax liabilities with ease. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by Monroe County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Prairie, Mississippi
Property taxes in Prairie, Mississippi, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie is 1.72%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Prairie set these rates annually, and they can vary across different neighborhoods. Each year, Prairie 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 Prairie's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39756 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Prairie provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prairie Tax Rate
1.72%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39756 | 0.54% | 0.94% | 1.72% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Prairie, Mississippi
In Prairie, 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 Monroe 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 Prairie, 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 Prairie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39756 has the highest and lowest median tax bill at $316, highlighting the importance of understanding local tax dynamics.
Average Prairie Assessed Value
$40,030
Average Monroe County Assessed Value
$48,950
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prairie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39756 | $4,500 | $12,850 | $40,030 | $60,670 | $96,200 |
Source: Ownwell
Property Tax Bills Across Prairie, Mississippi
In Prairie, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. For this region in Monroe County, the median home price stands at $40,030. Property tax rates are applied to this assessed value to generate the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and condition. In Prairie, homeowners can expect their tax bills to vary significantly, with the 25th percentile paying around $129 and the 75th percentile facing bills up to $714. The 90th percentile sees even higher bills, reaching $1,029. These property taxes fund essential public services such as schools, infrastructure, and emergency services. While Prairie's property tax rate is lower than the national median of 0.99%, it still represents a significant cost for homeowners. Understanding how these taxes are calculated can help residents budget more effectively and potentially seek exemptions or appeals to reduce their burden.
Average Prairie Tax Bill
$316
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39756 | $50 | $129 | $316 | $714 | $1,029 |
Source: Ownwell