Seminary, Mississippi Property Taxes
The median property tax rate in Seminary, MS is 0.73%, significantly lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Seminary at $63,120, the typical annual property tax bill reaches $478, well below the national median of $2,690. Property taxes in Seminary 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 Seminary'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 Seminary 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
Seminary, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$461
$428
Ownwell’s Seminary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seminary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seminary 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 Seminary, Mississippi
Property taxes in Seminary, Mississippi, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seminary is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Seminary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seminary 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 Seminary's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39479 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Seminary 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 Seminary Tax Rate
0.73%
Average Covington County Tax Rate
0.76%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | 0.43% | 0.50% | 0.73% | 1.35% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Seminary, Mississippi
In Seminary, 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 Assessor 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 Seminary, 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 Seminary helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39479 has the highest median tax bill at $478.
Average Seminary Assessed Value
$63,120
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 Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | $11,020 | $27,510 | $63,120 | $111,380 | $173,616 |
Source: Ownwell
Property Tax Bills Across Seminary, Mississippi
In Seminary, located in Covington County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, determined by the local tax assessor's office. This figure is then multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Seminary, the median home price is $63,120, which significantly influences the tax bill. Several factors contribute to the final property tax bill, including property size, location, and any applicable exemptions. Homeowners in Seminary can expect a tax bill ranging from $199 at the 25th percentile to $1,493 at the 90th percentile. The median tax bill in the area is $478, which is relatively lower compared to the national median property tax rate of 0.99%. These tax bills impact homeowners' annual budgets and can influence decisions on property investments and homeownership in the region.
Average Seminary Tax Bill
$478
Average Covington County Tax Bill
$431
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | $96 | $199 | $478 | $929 | $1,493 |
Source: Ownwell