Mount Olive, Mississippi Property Taxes
The median property tax rate in Mount Olive, MS is 1.02%, which is slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $47,220 in Mount Olive, the typical annual property tax bill amounts to $341, significantly below the national median of $2,690. Property taxes in Mount Olive are based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Mount Olive's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Mount Olive or investing in the area, a thorough understanding of the local property tax system is essential for financial planning and optimization.
Last Updated June 14, 2024
Mount Olive, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$482
$447
Ownwell’s Mount Olive Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mount Olive with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Olive 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 Mount Olive, Mississippi
Property taxes in Mount Olive, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Olive is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Mount Olive set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Olive 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 Mount Olive's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39119 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Mount Olive provides valuable insights into the varying tax landscape across Covington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Olive Tax Rate
1.02%
Average Covington County Tax Rate
0.76%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | 0.42% | 0.50% | 1.02% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Mount Olive, Mississippi
In Mount Olive, 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 Covington 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 Mount Olive, 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 Mount Olive helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $341.00 in zip code 39119, which is also the lowest median tax bill, reflecting the uniformity in tax assessments within the region.
Average Mount Olive Assessed Value
$47,220
Average Covington County Assessed Value
$57,690
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $8,634 | $21,555 | $47,220 | $76,230 | $128,672 |
Source: Ownwell
Property Tax Bills Across Mount Olive, Mississippi
In Mount Olive, Covington County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the home's market value. Homeowners in Mount Olive experience varying property tax bills, with the 25th percentile paying around $156 annually, while those in the 75th percentile face bills of approximately $675. At the higher end, the 90th percentile of homeowners may pay up to $1,150. These tax bills are influenced by several factors, including the assessed value of the property, local tax rates, and any applicable exemptions or deductions. The property tax rate in Covington County is relatively low compared to the national median property tax rate of 0.99%. This lower rate can make homeownership more affordable, but it also means that local governments rely on other revenue sources to fund public services. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Mount Olive Tax Bill
$341
Average Covington County Tax Bill
$431
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Olive, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39119 | $75 | $156 | $341 | $675 | $1,150 |
Source: Ownwell