Philadelphia, Mississippi Property Taxes
The median property tax rate in Philadelphia, MS is 1.23%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With a median home value of $55,285 in Philadelphia, the typical annual property tax bill amounts to $566, which is considerably lower than the national median of $2,690. Property taxes in Philadelphia are determined based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Philadelphia's property tax system, exploring the available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Philadelphia or elsewhere in the city, being well-versed in the local property tax system can be beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Philadelphia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$680
Ownwell’s Philadelphia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Philadelphia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Philadelphia 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 Philadelphia, Mississippi
Property taxes in Philadelphia, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Philadelphia is 1.23%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Philadelphia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philadelphia 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 Philadelphia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39350 zip code has both the highest and lowest median property tax rate of 1.23%. Understanding how these cities compare with Philadelphia 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 Philadelphia Tax Rate
1.23%
Average Neshoba County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philadelphia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | 0.63% | 0.81% | 1.23% | 1.67% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Philadelphia, Mississippi
In Philadelphia, 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 Philadelphia, 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 Philadelphia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $566 in the 39350 zip code, highlighting the importance of staying informed and proactive.
Average Philadelphia Assessed Value
$55,285
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 Philadelphia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | $6,870 | $23,260 | $55,285 | $91,465 | $157,890 |
Source: Ownwell
Property Tax Bills Across Philadelphia, Mississippi
In Philadelphia, Mississippi, located in Neshoba County, property tax bills are determined based on the assessed value of the property. The assessed value is typically a percentage of the market value of the home, which in Philadelphia has a median home price of $55,285. Property tax rates in this region can vary, but the median tax bill is $566, which aligns with the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value and the local tax rate set by municipal authorities. Homeowners in Philadelphia can expect tax bills that range significantly, with the 25th percentile at $234 and the 75th percentile reaching $1,100. At the 90th percentile, tax bills can go up to $1,782. These property taxes fund essential services such as public education, infrastructure maintenance, and emergency services. For homeowners, understanding these factors is crucial for financial planning and ensuring they are prepared for their annual property tax obligations.
Average Philadelphia Tax Bill
$566
Average Neshoba County Tax Bill
$527
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Philadelphia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39350 | $75 | $234 | $566 | $1,100 | $1,782 |
Source: Ownwell