Hickory, Mississippi Property Taxes
The median property tax rate in Hickory, MS is 1.02%, 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 $61,420 in Hickory, the typical annual property tax bill is $656, which is significantly below the national median of $2,690. Property taxes in Hickory are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Hickory'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 Hickory 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
Hickory, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$626
Ownwell’s Hickory Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hickory with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hickory to project your property tax bill. This valuable tool helps you gauge potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Hickory, Mississippi
Property taxes in Hickory, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory is 1.02%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Hickory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory 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 Hickory's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39332 zip code has the highest median property tax rate of 1.02%, while the 39332 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Hickory provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Tax Rate
1.02%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39332 | 0.56% | 0.79% | 1.02% | 1.78% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Hickory, Mississippi
In Hickory, 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 Newton 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 Hickory, 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 Hickory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in zip code 39332 at $656, while the lowest is also in the same zip code at $656.
Average Hickory Assessed Value
$61,420
Average Newton County Assessed Value
$57,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39332 | $10,250 | $25,535 | $61,420 | $108,080 | $207,190 |
Source: Ownwell
Property Tax Bills Across Hickory, Mississippi
In Hickory, Newton 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 tax bill. For instance, with a median home price of $61,420, homeowners can expect varying tax bills depending on their property's assessed value and applicable exemptions. Factors such as property location, improvements, and exemptions play a crucial role in determining the final tax bill. In Hickory, the tax bill at the 25th percentile is $263, while at the 75th percentile, it rises to $1,276. At the 90th percentile, homeowners may see tax bills as high as $2,493. Compared to the national median property tax rate of 0.99%, Hickory's property taxes can be relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors helps residents anticipate their property tax obligations and plan accordingly.
Average Hickory Tax Bill
$656
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39332 | $111 | $263 | $656 | $1,276 | $2,493 |
Source: Ownwell