Tillatoba, Mississippi Property Taxes
The median property tax rate in Tillatoba, Mississippi is 1.87%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Tillatoba, the typical annual property tax bill reaches $403, which is below the national median of $2,690. Property taxes in Tillatoba are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tillatoba'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 Tillatoba or another part of Tallahatchie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tillatoba, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.87%
Estimate Property Tax Bill
$671
Ownwell’s Tillatoba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tillatoba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tillatoba 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 Tillatoba, Mississippi
Property taxes in Tillatoba, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tillatoba is 1.87%, significantly higher than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Tillatoba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tillatoba 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 Tillatoba's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38961 zip code has the highest median property tax rate of 1.87%, while the same 38961 zip code also has the lowest median tax rate of 1.87%. Understanding how these areas compare with Tillatoba 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 Tillatoba Tax Rate
1.87%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | 0.70% | 0.84% | 1.87% | 1.87% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Tillatoba, Mississippi
In Tillatoba, 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 Tillatoba, 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 Tillatoba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38961 has both the highest and lowest median tax bill at $403, reflecting the relatively uniform property values in the area.
Average Tillatoba Assessed Value
$35,872
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 Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | $7,669 | $12,628 | $35,872 | $60,443 | $94,158 |
Source: Ownwell
Property Tax Bills Across Tillatoba, Mississippi
In Tillatoba, property tax bills are determined by multiplying the assessed value of the property by the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $35,872, homeowners can expect their property tax bills to fall within a range, depending on specific factors like exemptions and local levies. The 25th percentile tax bill in Tillatoba is around $170, while those in the 75th percentile pay approximately $773. At the higher end, the 90th percentile tax bill reaches $1,137. These figures illustrate the variability in tax liabilities based on home values and applicable exemptions. Compared to the national median property tax rate of 0.99%, Tillatoba's property tax bills reflect a relatively moderate burden on homeowners. This affects homeowners by influencing their overall housing costs and potentially impacting their decisions on property investments and long-term residency in the area.
Average Tillatoba Tax Bill
$403
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | $115 | $170 | $403 | $773 | $1,137 |
Source: Ownwell