Tunica, Mississippi Property Taxes
The median property tax rate in Tunica, MS is 1.21%, which is higher than the national median of 0.99% but slightly lower than the Mississippi state median of 1.31%. With a median home value of $46,510 in Tunica, the typical annual property tax bill amounts to $564, significantly below the national median of $2,690. Property taxes in Tunica are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tunica'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 Tunica 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
Tunica, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$563
Ownwell’s Tunica Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tunica with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tunica 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 Tunica, Mississippi
Property taxes in Tunica, Mississippi, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Tunica is 1.21%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Tunica set these rates annually, and they can vary across different neighborhoods. Each year, Tunica 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 Tunica's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38676 has both the highest and lowest median property tax rate of 1.21%. Understanding how these areas compare with Tunica provides valuable insights into the varying tax landscape across Tunica County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tunica Tax Rate
1.21%
Average Tunica County Tax Rate
1.21%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tunica, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38676 | 0.79% | 0.85% | 1.21% | 1.45% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Tunica, Mississippi
In Tunica, 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 Tunica, 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. The median home price in Tunica is $46,510, with tax bills ranging from $296 at the 25th percentile to $2,002 at the 90th percentile. 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 Tunica helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tunica Assessed Value
$46,510
Average Tunica County Assessed Value
$52,396
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tunica, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38676 | $11,866 | $28,457 | $46,510 | $84,609 | $159,323 |
Source: Ownwell
Property Tax Bills Across Tunica, Mississippi
In Tunica, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. For homeowners, this assessed value is crucial as it directly influences their annual tax bill. The local tax rate is then applied to this assessed value to determine the final amount owed. Factors such as property location, improvements, and market conditions can affect the assessed value. For example, the median home price in Tunica is $46,510. Homeowners in the 25th percentile can expect a tax bill around $296, while those in the 75th percentile might see bills up to $1,122. For the top 10% of property values, tax bills can reach $2,002. Compared to the national median property tax rate of 0.99%, homeowners in Tunica may find their tax rates relatively manageable. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Tunica Tax Bill
$564
Average Tunica County Tax Bill
$625
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tunica, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38676 | $123 | $296 | $564 | $1,122 | $2,002 |
Source: Ownwell