Crenshaw, Mississippi Property Taxes
The median property tax rate in Crenshaw, MS is 1.94%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Crenshaw, the typical annual property tax bill reaches $411, which is significantly lower than the national median of $2,690. Property taxes in Crenshaw are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Crenshaw'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 Crenshaw 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
Crenshaw, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$432
Ownwell’s Crenshaw Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers aiming to estimate their annual property taxes in Crenshaw. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Crenshaw to provide an accurate estimate of your property tax bill. This insightful tool helps you gauge potential tax liabilities with ease. For those interested in more granular insights, localized neighborhood trends are also available. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Crenshaw, Mississippi
Property taxes in Crenshaw, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crenshaw is 1.94%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Crenshaw set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crenshaw 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. Understanding how Crenshaw's effective property tax rate compares to other areas in Panola County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Crenshaw Tax Rate
1.94%
Average Panola County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crenshaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38621 | 0.89% | 1.25% | 1.94% | 2.49% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Crenshaw, Mississippi
In Crenshaw, 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 Panola 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 Crenshaw, 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 Crenshaw 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 $411 in the 38621 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average Crenshaw Assessed Value
$22,256
Average Panola County Assessed Value
$42,358
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Crenshaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38621 | $8,318 | $11,204 | $22,256 | $51,887 | $89,551 |
Source: Ownwell
Property Tax Bills Across Crenshaw, Mississippi
In Crenshaw, Panola 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 Crenshaw can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $201 and the 75th percentile reaching $1,034. The 90th percentile tax bill can go as high as $1,760, reflecting the diversity in property values within the city. The median home price in Crenshaw is $22,256, which is considerably lower than the national median, influencing the overall lower property tax rates. Homeowners in the zip code 38621 experience a median tax bill of $411, which is consistent across the area. These property tax bills directly impact homeowners by affecting their annual housing costs and potentially their ability to afford other expenses. Understanding these factors is crucial for homeowners as they plan their finances and consider the long-term costs of property ownership.
Average Crenshaw Tax Bill
$411
Average Panola County Tax Bill
$671
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Crenshaw, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38621 | $133 | $201 | $411 | $1,034 | $1,760 |
Source: Ownwell