Summit, Mississippi Property Taxes
The median property tax rate in Summit, MS is 1.28%, slightly higher than the national median of 0.99% but just below the Mississippi state median of 1.31%. With a median home value of $27,196 in Summit, the typical annual property tax bill is $216, which is significantly lower than the national median of $2,690. Property taxes in Summit are based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Summit'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 Summit 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
Summit, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$348
$323
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit, Mississippi
Property taxes in Summit, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 1.28%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39666 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Summit provides valuable insights into the varying tax landscape across Amite County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summit Tax Rate
1.28%
Average Amite County Tax Rate
1.28%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | 0.45% | 0.65% | 1.28% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Summit, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Summit, Mississippi. 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 Amite 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39666 has both the highest and lowest median tax bills at $216.
Average Summit Assessed Value
$27,196
Average Amite County Assessed Value
$18,096
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | $2,478 | $6,839 | $27,196 | $74,834 | $140,062 |
Source: Ownwell
Property Tax Bills Across Summit, Mississippi
In Summit, located in Amite County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is determined by local tax assessors who evaluate the property's worth. Homeowners in Summit experience a range of tax bills, with the 25th percentile at $76 and the 75th percentile reaching $592. For those at the 90th percentile, tax bills can climb to $1,116. The median home price in Summit is $27,196, and the median tax bill stands at $216, which is significantly lower than the national median property tax rate of 0.99%. Various factors such as property improvements, location, and market trends influence the assessed value and, consequently, the tax bill. Lower property tax bills can make homeownership more affordable but may also reflect lower public service funding. Understanding these dynamics helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Summit Tax Bill
$216
Average Amite County Tax Bill
$159
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | $28 | $76 | $216 | $592 | $1,116 |
Source: Ownwell