Smithville, Mississippi Property Taxes
The median property tax rate in Smithville, MS is 1.04%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Smithville at $49,920, the typical annual property tax bill amounts to $456, which is significantly below the national median of $2,690. Property taxes in Smithville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Smithville'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 Smithville or another part of Monroe County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$519
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Mississippi
Property taxes in Smithville, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 1.04%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38870 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Smithville 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 Smithville Tax Rate
1.04%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | 0.41% | 0.65% | 1.04% | 1.58% | 2.15% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Mississippi
In Smithville, 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 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 Smithville, 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smithville is $49,920, with tax bills ranging from $226 at the 25th percentile to $1,242 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 38870, with a median tax bill of $456.
Average Smithville Assessed Value
$49,920
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 Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | $8,000 | $26,305 | $49,920 | $74,100 | $122,016 |
Source: Ownwell
Property Tax Bills Across Smithville, Mississippi
In Smithville, Monroe County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Homeowners in Smithville face property tax bills that vary significantly, with the 25th percentile paying around $226 and the 75th percentile paying approximately $789. At the higher end, the 90th percentile sees tax bills reaching up to $1242. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. The median home price in Smithville is $49,920, which is considerably lower than the national median, resulting in relatively modest tax bills compared to other regions. However, these taxes still represent a significant expense for homeowners, contributing to the overall cost of owning property. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Smithville Tax Bill
$456
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | $103 | $226 | $456 | $789 | $1,242 |
Source: Ownwell