Iuka, Mississippi Property Taxes
The median property tax rate in Iuka, MS is 1.04%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Iuka at $70,545, the typical annual property tax bill is $627, which is significantly less than the national median of $2,690. Property taxes in Iuka are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Iuka's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Iuka or another part of Tishomingo County, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iuka, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$734
Ownwell’s Iuka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iuka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iuka 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 Iuka, Mississippi
Property taxes in Iuka, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iuka is 1.04%, which is higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Iuka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iuka 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 Iuka's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38852 zip code has the highest median property tax rate of 1.04%, while the same zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Iuka provides valuable insights into the varying tax landscape across Tishomingo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iuka Tax Rate
1.04%
Average Tishomingo County Tax Rate
0.89%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iuka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38852 | 0.33% | 0.61% | 1.04% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Iuka, Mississippi
In Iuka, 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 Tishomingo 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 Iuka, 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. For instance, the median home price in Iuka is $70,545, with tax bills ranging from $314 at the 25th percentile to $2,429 at the 90th percentile. Notably, the highest and lowest median tax bills are both $627, found in the 38852 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iuka Assessed Value
$70,545
Average Tishomingo County Assessed Value
$60,500
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iuka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38852 | $18,360 | $40,550 | $70,545 | $114,270 | $190,325 |
Source: Ownwell
Property Tax Bills Across Iuka, Mississippi
In Iuka, located in Tishomingo County, MS, property tax bills are calculated based on the assessed value of the property. The median home price in Iuka is $70,545. Property taxes are determined by multiplying the assessed value by the local tax rate. The tax bill can vary significantly, with the 25th percentile at $314 and the 75th percentile at $1,335, while the 90th percentile reaches $2,429. Several factors impact the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. For homeowners, this means that variations in property value and local tax policies can lead to significant differences in tax bills. The highest median tax bill recorded in the area is $627, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Iuka, benefiting residents by potentially reducing their annual expenses.
Average Iuka Tax Bill
$627
Average Tishomingo County Tax Bill
$531
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Iuka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38852 | $143 | $314 | $627 | $1,335 | $2,429 |
Source: Ownwell