Holly Springs, Mississippi Property Taxes
The median property tax rate in Holly Springs, MS is 1.33%, which is higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Holly Springs, the typical annual property tax bill reaches $721, significantly lower than the national median of $2,690. Property taxes in Holly Springs 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 Holly Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Holly Springs 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
Holly Springs, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$799
Ownwell’s HOLLY SPRINGS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLLY SPRINGS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLLY SPRINGS 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 Holly Springs, Mississippi
Property taxes in Holly Springs, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Springs is 1.33%, significantly higher than the U.S. national median of 0.99%. Local government entities within Holly Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly Springs 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 Holly Springs' effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38635 has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these areas compare with Holly Springs provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Springs Tax Rate
1.33%
Average Tate County Tax Rate
1.33%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | 0.73% | 0.96% | 1.33% | 1.51% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Holly Springs, Mississippi
In Holly Springs, 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 local 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 Holly Springs, 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 Holly Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tate County, the highest and lowest median tax bills are both $721.00, found in the 38635 zip code. This provides a clear picture of the property tax landscape within the region.
Property Tax Assessment Values Across Holly Springs, Mississippi
Source: Ownwell
$57,944
$90,266
$122,588
Average Holly Springs Assessed Value
$60,056
Average Tate County Assessed Value
$82,683
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | $28,412 | $41,369 | $60,056 | $96,346 | $138,103 |
Source: Ownwell
Property Tax Bills Across Holly Springs, Mississippi
In Holly Springs, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Holly Springs can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $504, while at the 75th percentile, it rises to $981. At the 90th percentile, homeowners may see bills as high as $1512. These tax bills are influenced by various factors, including the home's assessed value and any applicable exemptions or deductions. The median home price in Holly Springs is $60,056, which provides a baseline for understanding these tax values. Compared to the national median property tax rate of 0.99%, Holly Springs offers a relatively affordable property tax environment. This variability in tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning.
Average Holly Springs Tax Bill
$721
Average Tate County Tax Bill
$994
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | $365 | $504 | $721 | $981 | $1,512 |
Source: Ownwell