Charleston, Mississippi Property Taxes
The median property tax rate in Charleston, MS is 1.71%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Charleston at $43,090, the typical annual property tax bill reaches $495, which is below the national median of $2,690. Property taxes in Charleston are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Charleston'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 Charleston 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
Charleston, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$737
Ownwell’s Charleston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Charleston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charleston 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 Charleston, Mississippi
Property taxes in Charleston, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Charleston is 1.71%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Charleston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charleston 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 Charleston's effective property tax rate to other counties in Mississippi and the national median. For comparison, the ZIP code 38921 has both the highest and lowest median property tax rate of 1.71%. Understanding how these cities compare with Charleston provides valuable insights into the varying tax landscape across Tallahatchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charleston Tax Rate
1.71%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charleston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38921 | 0.47% | 0.85% | 1.71% | 1.87% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Charleston, Mississippi
In Charleston, 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 Tallahatchie 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 Charleston, 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 Charleston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38921, with a value of $494.
Average Charleston Assessed Value
$43,090
Average Tallahatchie County Assessed Value
$42,376
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charleston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38921 | $8,811 | $21,142 | $43,047 | $69,791 | $109,502 |
Source: Ownwell
Property Tax Bills Across Charleston, Mississippi
In Charleston, located in Tallahatchie County, MS, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the property's market value, which is determined by local tax assessors. For instance, a median home price in Charleston is $43,090. Homeowners in this region experience varying tax bills, with the 25th percentile tax bill at $233 and the 75th percentile reaching $888. The highest median tax bill recorded is $494 in the 38921 zip code. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Charleston's tax rates may seem more favorable, impacting homeowners by potentially lowering their annual financial obligations. Understanding these factors helps homeowners anticipate their tax responsibilities and manage their finances more effectively.
Average Charleston Tax Bill
$495
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Charleston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38921 | $95 | $233 | $494 | $888 | $1,479 |
Source: Ownwell