Pheba, Mississippi Property Taxes
The median property tax rate in Pheba, MS is 1.66%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Pheba, the typical annual property tax bill reaches $297, which is significantly lower than the national median of $2,690. Property taxes in Pheba 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 Pheba'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 Pheba 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
Pheba, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Pheba Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Pheba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pheba 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 Clay County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Pheba, Mississippi
Property taxes in Pheba, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pheba is 1.66%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Pheba set these rates annually, and they can vary across different neighborhoods. Each year, Pheba 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 Pheba's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39755 zip code has the highest median property tax rate of 1.66%, while the same zip code also has the lowest median tax rate of 1.66%. Understanding how these cities compare with Pheba provides valuable insights into the varying tax landscape across Clay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pheba Tax Rate
1.66%
Average Clay County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pheba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39755 | 0.59% | 0.70% | 1.66% | 1.67% | 1.67% |
Source: Ownwell
Property Tax Assessment Values Across Pheba, Mississippi
In Pheba, 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 Clay 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 Pheba, 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 Pheba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the region both stand at $297, specifically in the 39755 zip code.
Average Pheba Assessed Value
$31,380
Average Clay County Assessed Value
$45,801
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pheba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39755 | $10,856 | $15,396 | $31,380 | $54,867 | $78,824 |
Source: Ownwell
Property Tax Bills Across Pheba, Mississippi
Property tax bills in Pheba, located in Clay County, MS, are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor, who evaluates the market value of the property and then applies an assessment ratio to arrive at the taxable value. For homeowners in Pheba, the median home price is approximately $31,380. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Pheba is around $177, while homeowners at the 75th percentile pay about $582. At the higher end, the 90th percentile tax bill reaches $1,173. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Pheba's property tax rates offer a relatively affordable option for homeowners, making it an attractive place to live.
Average Pheba Tax Bill
$297
Average Clay County Tax Bill
$835
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Pheba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39755 | $94 | $177 | $297 | $582 | $1,173 |
Source: Ownwell