Hickory Flat, Benton County, Mississippi Property Taxes
The median property tax rate in Hickory Flat, MS is 1.92%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Hickory Flat, the typical annual property tax bill reaches $349, which is significantly lower than the national median of $2,690. Property taxes in Hickory Flat are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hickory Flat'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 Hickory Flat 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
Hickory Flat, Benton County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$548
$509
Ownwell’s Hickory Flat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Flat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Flat 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 Hickory Flat, Benton County, Mississippi
Property taxes in Hickory Flat, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Flat is 1.92%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hickory Flat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Flat 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 Hickory Flat's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38633 zip code has the highest median property tax rate of 1.92%, while the same zip code also has the lowest median tax rate of 1.92%. Understanding how these areas compare with Hickory Flat provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Flat Tax Rate
1.92%
Average Benton County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Flat, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | 0.83% | 1.04% | 1.92% | 1.97% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Flat, Benton County, Mississippi
In Hickory Flat, 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 Benton 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 Hickory Flat, 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. The median home price in Hickory Flat is $28,565, with tax bills ranging from $102 at the 25th percentile to $1,357 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38633, both at $349. Being aware of these valuation processes in Hickory Flat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Hickory Flat, Benton County, Mississippi
Source: Ownwell
$14,120
$22,280
$30,440
Average Hickory Flat Assessed Value
$28,565
Average Benton County Assessed Value
$21,390
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Flat, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | $1,527 | $6,925 | $28,565 | $61,450 | $94,016 |
Source: Ownwell
Property Tax Bills Across Hickory Flat, Benton County, Mississippi
In Hickory Flat, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the Benton County tax assessor. The assessed value is a percentage of the market value of the property. Factors such as the property's location, size, and condition are considered in this assessment. The tax rate is then applied to the assessed value to determine the annual tax bill. For homeowners in Hickory Flat, the median home price is $28,565. Tax bills vary significantly, with the 25th percentile at $102 and the 75th percentile at $712. The highest median tax bill in the area is $349, observed in the 38633 zip code. This variation means that while some homeowners may pay relatively low property taxes, others could see higher bills based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Hickory Flat's property tax rates can provide a more affordable option for homeowners, impacting their overall cost of living.
Average Hickory Flat Tax Bill
$349
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Flat, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | $22 | $102 | $349 | $712 | $1,357 |
Source: Ownwell