Potts Camp, Benton County, Mississippi Property Taxes
The median property tax rate in Potts Camp, 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 Potts Camp at $26,070, the typical annual property tax bill reaches $266, which is below the national median of $2,690. Property taxes in Potts Camp are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Potts Camp'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 Potts Camp 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
Potts Camp, Benton County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.92%
Estimate Property Tax Bill
$501
$464
Ownwell’s Potts Camp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potts Camp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potts Camp 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 Potts Camp, Benton County, Mississippi
Property taxes in Potts Camp, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potts Camp is 1.92%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Potts Camp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potts Camp 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 Potts Camp's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38659 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 cities compare with Potts Camp 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 Potts Camp 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 Potts Camp, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | 0.87% | 1.02% | 1.92% | 1.94% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Potts Camp, Benton County, Mississippi
In Potts Camp, 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 Potts Camp, 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 Potts Camp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Potts Camp is $266.00 in the zip code 38659, which is also the lowest.
Property Tax Assessment Values Across Potts Camp, Benton County, Mississippi
Source: Ownwell
$14,120
$22,280
$30,440
Average Potts Camp Assessed Value
$26,070
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 Potts Camp, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | $2,004 | $7,520 | $26,070 | $56,260 | $85,068 |
Source: Ownwell
Property Tax Bills Across Potts Camp, Benton County, Mississippi
In Potts Camp, Benton County, MS, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property. For example, with a median home price of $26,070, the property taxes can vary significantly. Homeowners in the 25th percentile pay around $77, while those in the 75th percentile face bills closer to $644. At the higher end, the 90th percentile sees tax bills reaching approximately $1,143. These tax bills are influenced by several factors, including property location, home value, and local tax rates. The median tax bill in Potts Camp stands at $266, which is notably lower than the national median property tax rate of 0.99%. Lower property taxes can make homeownership more affordable, but they also impact the funding available for local services such as schools and infrastructure. Understanding these dynamics helps homeowners plan better and anticipate their annual financial commitments.
Average Potts Camp Tax Bill
$266
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Potts Camp, Benton County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38659 | $29 | $77 | $266 | $644 | $1,143 |
Source: Ownwell