Forest, Mississippi Property Taxes
The median property tax rate in Forest, MS is 1.01%, 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 Forest at $52,490, the typical annual property tax bill is $435, which is significantly below the national median of $2,690. Property taxes in Forest are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Forest'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 Forest or another part of Scott County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest, 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 Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest, Mississippi
Property taxes in Forest, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39074 zip code in Scott County has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Forest provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forest Tax Rate
1.01%
Average Scott County Tax Rate
1.02%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | 0.46% | 0.57% | 1.01% | 1.06% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Forest, Mississippi
In Forest, 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 Scott 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 Forest, 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 Forest is $52,490, with tax bills ranging from $215 at the 25th percentile to $1,401 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Forest Assessed Value
$52,490
Average Scott County Assessed Value
$53,585
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | $11,662 | $26,960 | $52,490 | $86,790 | $150,276 |
Source: Ownwell
Property Tax Bills Across Forest, Mississippi
In Forest, located in Scott County, MS, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Forest, the median home price is $52,490. Property tax bills in this area vary significantly, with the 25th percentile tax bill at $215 and the 75th percentile at $774, indicating a range of tax burdens among residents. Several factors influence the property tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the highest median tax bill recorded in the area is $435, while the lowest is also $435, both in the same zip code, 39074. Compared to the national median property tax rate of 0.99%, the tax rates in Forest may offer some relief to homeowners, but the variability in tax bills highlights the importance of understanding individual assessments and potential exemptions.
Average Forest Tax Bill
$435
Average Scott County Tax Bill
$504
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | $105 | $215 | $435 | $774 | $1,401 |
Source: Ownwell