Okolona, Chickasaw County, Mississippi Property Taxes
The median property tax rate in Okolona, MS is 0.82%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Okolona at $41,160, the typical annual property tax bill is $271, significantly below the national median of $2,690. Property taxes in Okolona 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 Okolona'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 Okolona 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
Okolona, Chickasaw County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$338
$313
Ownwell’s Okolona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okolona 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 Okolona, Chickasaw County, Mississippi
Property taxes in Okolona, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okolona is 0.82%, lower than the U.S. national median of 0.99%. Local government entities within Okolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okolona 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 Okolona's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38860 zip code has the highest median property tax rate of 0.82%, while the 38860 zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Okolona provides valuable insights into the varying tax landscape across Chickasaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okolona Tax Rate
0.82%
Average Chickasaw County Tax Rate
1.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okolona, Chickasaw County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | 0.35% | 0.50% | 0.82% | 1.05% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Okolona, Chickasaw County, Mississippi
In Okolona, 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 Chickasaw 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 Okolona, 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 highest median tax bill in Okolona is $271 in the 38860 zip code, while the lowest median tax bill is also $271 in the same zip code. Being aware of these valuation processes in Okolona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Okolona, Chickasaw County, Mississippi
Source: Ownwell
$36,645
$49,923
$63,200
Average Okolona Assessed Value
$41,160
Average Chickasaw County Assessed Value
$44,230
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okolona, Chickasaw County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $8,270 | $21,592 | $41,160 | $66,078 | $105,832 |
Source: Ownwell
Property Tax Bills Across Okolona, Chickasaw County, Mississippi
In Okolona, located in Chickasaw County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Okolona can expect property tax rates that are relatively lower compared to the national median property tax rate of 0.99%. The median home price in Okolona is $41,160, contributing to a median property tax bill of $271. Several factors influence the final tax bill, including the assessed value of the property and any applicable exemptions. For instance, tax bills in the 25th percentile are around $142, while those in the 75th percentile can reach up to $456. At the 90th percentile, homeowners might see tax bills as high as $744. These property taxes are crucial for funding local services such as schools, emergency services, and infrastructure. For homeowners, understanding these factors can help in budgeting and financial planning, ensuring they are prepared for their annual property tax obligations.
Average Okolona Tax Bill
$271
Average Chickasaw County Tax Bill
$423
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Okolona, Chickasaw County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $59 | $142 | $271 | $456 | $744 |
Source: Ownwell