Mount Olive, Mississippi Property Taxes
The median property tax rate in Mount Olive, MS is 0.90%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $55,495 in Mount Olive, the typical annual property tax bill is around $525, significantly below the national median of $2,690. Property taxes in Mount Olive 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 Mount Olive'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 Mount Olive or another part of Simpson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Olive, 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 Mount Olive Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Olive with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Olive 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 Mount Olive, Mississippi
Property taxes in Mount Olive, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 39119 zip code has both the highest and lowest median property tax rate in the county at 0.90%. Understanding how these areas compare with Mount Olive provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olive Tax Rate
0.90%
Average Simpson County Tax Rate
0.99%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | 0.56% | 0.69% | 0.90% | 1.65% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, Mississippi
In Mount Olive, 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 Simpson 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 Mount Olive, 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 Mount Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39119 has the highest and lowest median tax bill in the area, both at $525.
Average Mount Olive Assessed Value
$55,495
Average Simpson County Assessed Value
$52,820
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $12,598 | $28,712 | $55,495 | $92,188 | $151,610 |
Source: Ownwell
Property Tax Bills Across Mount Olive, Mississippi
In Mount Olive, Simpson County, MS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. Homeowners in this region experience a range of property tax bills, with the 25th percentile paying approximately $279 annually, while those in the 75th percentile face bills around $922. For the top 10% of homeowners, tax bills can reach up to $1,526. The median home price in Mount Olive is $55,495, significantly lower than the national median, which influences the overall tax burden. Factors such as property size, location, and market trends play a crucial role in determining the assessed value. These property taxes impact homeowners by contributing to local services like schools, infrastructure, and emergency services. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Mount Olive Tax Bill
$525
Average Simpson County Tax Bill
$510
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $125 | $279 | $525 | $922 | $1,526 |
Source: Ownwell