Walnut, Mississippi Property Taxes
The median property tax rate in Walnut, MS is 1.00%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With the median home value in Walnut being $31,960, the typical annual property tax bill amounts to $332, which is significantly lower than the national median of $2,690. Property taxes in Walnut are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Walnut'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 Walnut or another part of Alcorn County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$320
$297
Ownwell’s Walnut Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut 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 Walnut, Mississippi
Property taxes in Walnut, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Walnut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut's effective property tax rate to other areas and the national median. For comparison, the 38683 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these figures compare with Walnut provides valuable insights into the varying tax landscape across Alcorn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Walnut Tax Rate
1.00%
Average Alcorn County Tax Rate
0.82%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | 0.57% | 0.76% | 1.00% | 1.74% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Walnut, Mississippi
In Walnut, 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 Alcorn 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 Walnut, 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 Walnut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Walnut is $332, found in the 38683 zip code, while the lowest median tax bill is also $332 in the same zip code.
Average Walnut Assessed Value
$31,960
Average Alcorn County Assessed Value
$54,430
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | $6,108 | $14,408 | $31,960 | $61,550 | $96,442 |
Source: Ownwell
Property Tax Bills Across Walnut, Mississippi
In Walnut, located in Alcorn County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners, several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Walnut is $31,960, and property tax bills vary significantly across different percentiles. For instance, homeowners in the 25th percentile pay around $137, while those in the 75th percentile face bills closer to $633. At the 90th percentile, the tax bill can reach up to $1,088. Despite the variability, the property tax rate in Walnut is relatively low compared to the national median property tax rate of 0.99%. This lower rate can provide some financial relief to homeowners, making it more affordable to maintain property ownership in the region.
Average Walnut Tax Bill
$332
Average Alcorn County Tax Bill
$422
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | $77 | $137 | $332 | $633 | $1,088 |
Source: Ownwell