Choctaw, Mississippi Property Taxes
The median property tax rate in Choctaw, MS is 1.66%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Choctaw at $21,405, the typical annual property tax bill reaches $261, which is below the national median of $2,690. Property taxes in Choctaw are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Choctaw'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 Choctaw 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
Choctaw, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Choctaw Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Choctaw with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Choctaw 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 Choctaw, Mississippi
Property taxes in Choctaw, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Choctaw is 1.66%, significantly higher than the U.S. national median of 0.99%. Local government entities within Choctaw set these rates annually, and they can vary across different neighborhoods. Each year, Choctaw 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 Choctaw's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39350 has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these areas compare with Choctaw provides valuable insights into the varying tax landscape across Neshoba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Choctaw Tax Rate
1.66%
Average Neshoba County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Choctaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | 0.70% | 0.81% | 1.66% | 1.67% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Choctaw, Mississippi
In Choctaw, 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 Neshoba 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 Choctaw, 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 Choctaw is $21,405, with tax bills ranging from $112 at the 25th percentile to $816 at the 90th percentile. The highest and lowest median tax bills are both $261 in the 39350 zip code. Being aware of these valuation processes in Choctaw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Choctaw Assessed Value
$21,405
Average Neshoba County Assessed Value
$53,540
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Choctaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | $7,031 | $12,110 | $21,405 | $40,955 | $47,978 |
Source: Ownwell
Property Tax Bills Across Choctaw, Mississippi
In Choctaw, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the market value of the property. For example, with a median home price of $21,405, the tax bill can vary significantly. Homeowners in the 25th percentile see tax bills around $112, while those in the 75th percentile face bills of approximately $422. For the top 10% of properties, tax bills can reach up to $816. Several factors influence the total tax bill, including the property's location within Neshoba County and any applicable exemptions or deductions. This system ensures that property taxes are proportionate to the property's value, impacting homeowners differently depending on their property's worth. Compared to the national median property tax rate of 0.99%, Choctaw's tax rates can be considered relatively low, providing some relief to homeowners in the area.
Average Choctaw Tax Bill
$261
Average Neshoba County Tax Bill
$527
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Choctaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | $72 | $112 | $261 | $422 | $816 |
Source: Ownwell