Rena Lara, Mississippi Property Taxes
The median property tax rate in Rena Lara, MS is 1.63%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $51,830 in Rena Lara, the typical annual property tax bill is $734, which is below the national median of $2,690. Property taxes in Rena Lara are determined based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Rena Lara'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 Rena Lara or another part of Coahoma County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rena Lara, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.63%
Estimate Property Tax Bill
$845
Ownwell’s Rena Lara Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rena Lara with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rena Lara 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 Rena Lara, Mississippi
Property taxes in Rena Lara, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rena Lara is 1.63%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Rena Lara set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rena Lara 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 Rena Lara's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38767 zip code has both the highest and lowest median property tax rate of 1.63%. Understanding how these cities compare with Rena Lara provides valuable insights into the varying tax landscape across Coahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rena Lara Tax Rate
1.63%
Average Coahoma County Tax Rate
1.87%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rena Lara, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38767 | 0.77% | 0.90% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Rena Lara, Mississippi
In Rena Lara, 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 Coahoma 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 Rena Lara, 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 Rena Lara helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $51,830, with the 25th percentile tax bill at $423 and the 75th percentile at $842. The highest and lowest median tax bill is $734 in the 38767 zip code.
Average Rena Lara Assessed Value
$51,830
Average Coahoma County Assessed Value
$38,666
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rena Lara, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38767 | $33,662 | $45,097 | $51,830 | $60,628 | $123,875 |
Source: Ownwell
Property Tax Bills Across Rena Lara, Mississippi
In Rena Lara, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, generates the tax bill. For instance, with a median home price of $51,830, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $423, while those in the 75th percentile see bills closer to $842. At the higher end, the 90th percentile tax bill reaches $1,236. Factors influencing these calculations include the property's assessed value, local tax rates, and applicable exemptions. These taxes fund essential public services like schools and infrastructure, directly impacting the community. Homeowners in Rena Lara, located in Coahoma County, experience a median tax bill of $734, which is significantly lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Rena Lara Tax Bill
$734
Average Coahoma County Tax Bill
$908
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Rena Lara, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38767 | $416 | $423 | $734 | $842 | $1,236 |
Source: Ownwell