Tippo, Mississippi Property Taxes
The median property tax rate in Tippo, 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 $48,710 in Tippo, the typical annual property tax bill amounts to $526, significantly less than the national median of $2,690. Property taxes in Tippo 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 Tippo'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 Tippo 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
Tippo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$438
Ownwell’s Tippo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tippo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tippo 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 Tippo, Mississippi
Property taxes in Tippo, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tippo is 0.90%, slightly below the U.S. national median of 0.99%. Local government entities within Tippo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tippo 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 Tippo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38962 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Tippo 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 Tippo Tax Rate
0.90%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tippo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38962 | 0.88% | 0.89% | 0.90% | 1.41% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Tippo, Mississippi
In Tippo, 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 Tippo, 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 Tippo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tippo, both at $526, are found in the 38962 zip code.
Average Tippo Assessed Value
$48,710
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 Tippo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38962 | $22,768 | $36,936 | $48,710 | $59,873 | $63,129 |
Source: Ownwell
Property Tax Bills Across Tippo, Mississippi
In Tippo, located in Tallahatchie County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Tippo is $48,710. Property taxes are then determined by applying the local tax rate to this assessed value. The tax rate in Tippo is reflective of the county's needs for public services such as schools, infrastructure, and emergency services. Homeowners in Tippo can expect their property tax bills to vary. For instance, the 25th percentile tax bill is around $429, while the 75th percentile tax bill is approximately $730. Those at the higher end of the spectrum, in the 90th percentile, might see tax bills as high as $853. Compared to the national median property tax rate of 0.99%, Tippo's property tax situation offers a relatively affordable option for homeowners. This affordability can make a significant difference in the overall cost of homeownership, impacting household budgets and financial planning.
Average Tippo Tax Bill
$526
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tippo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38962 | $371 | $429 | $526 | $730 | $853 |
Source: Ownwell