Taylorsville, Mississippi Property Taxes
The median property tax rate in Taylorsville, MS is 0.89%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Taylorsville at $65,770, the typical annual property tax bill is $593, significantly below the national median of $2,690. Property taxes in Taylorsville are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Taylorsville'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 Taylorsville 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
Taylorsville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$585
Ownwell’s TAYLORSVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TAYLORSVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TAYLORSVILLE 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 Taylorsville, Mississippi
Property taxes in Taylorsville, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylorsville is 0.89%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Taylorsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylorsville 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 Taylorsville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39168 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Taylorsville provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylorsville Tax Rate
0.89%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylorsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39168 | 0.33% | 0.62% | 0.89% | 1.54% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Taylorsville, Mississippi
In Taylorsville, 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 Smith 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 Taylorsville, 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 Taylorsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Taylorsville is $65,770, with tax bills ranging significantly. The 25th percentile tax bill is $312, while the 75th percentile tax bill is $1,067, and the 90th percentile tax bill reaches $1,620. Interestingly, the zip code 39168 has both the highest and lowest median tax bill, which is $593.
Property Tax Assessment Values Across Taylorsville, Mississippi
Source: Ownwell
$45,975
$81,590
$117,205
Average Taylorsville Assessed Value
$65,770
Average Smith County Assessed Value
$63,970
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylorsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39168 | $17,758 | $40,870 | $65,770 | $99,760 | $148,348 |
Source: Ownwell
Property Tax Bills Across Taylorsville, Mississippi
In Taylorsville, located in Smith County, MS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Taylorsville stands at $65,770. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence this calculation, including the home's location, size, and any applicable exemptions. Homeowners in Taylorsville can expect a range of property tax bills. For instance, those in the 25th percentile might see a tax bill around $312, while those in the 75th percentile could face a bill closer to $1,067. At the higher end, the 90th percentile tax bill reaches up to $1,620. These figures highlight the variability in tax obligations, which can significantly impact household budgets. Compared to the national median property tax rate of 0.99%, Taylorsville's rates reflect the local economic conditions and property values, providing a unique landscape for homeowners.
Average Taylorsville Tax Bill
$593
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylorsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39168 | $129 | $312 | $593 | $1,067 | $1,620 |
Source: Ownwell