Olive Branch, Desoto County, Mississippi Property Taxes
The median property tax rate in Olive Branch, MS is 2.05%, which is considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Olive Branch at $114,854, the typical annual property tax bill reaches $2,250, slightly below the national median of $2,690. Property taxes in Olive Branch are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Olive Branch'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 Olive Branch 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
Olive Branch, Desoto County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.05%
Estimate Property Tax Bill
$2,355
$2,185
Ownwell’s Olive Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olive Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olive Branch 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 Olive Branch, Desoto County, Mississippi
Property taxes in Olive Branch, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Olive Branch is 2.05%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Olive Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olive Branch 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 Olive Branch's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38654 zip code has the highest median property tax rate of 2.05%, while the same zip code also has the lowest median tax rate of 2.05%. Understanding how these cities compare with Olive Branch provides valuable insights into the varying tax landscape across DeSoto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olive Branch Tax Rate
2.05%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olive Branch, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | 1.01% | 1.36% | 2.05% | 2.05% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Olive Branch, Desoto County, Mississippi
In Olive Branch, 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 DeSoto 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 Olive Branch, 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 Olive Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olive Branch are both $2,250, found in the 38654 zip code.
Property Tax Assessment Values Across Olive Branch, Desoto County, Mississippi
Source: Ownwell
$35,000
$93,307
$151,613
Average Olive Branch Assessed Value
$114,854
Average Desoto County Assessed Value
$77,329
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olive Branch, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | $30,000 | $74,967 | $114,854 | $147,204 | $227,266 |
Source: Ownwell
Property Tax Bills Across Olive Branch, Desoto County, Mississippi
In Olive Branch, located in DeSoto County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Homeowners in Olive Branch experience a range of property tax bills, with the 25th percentile at $1,426 and the 75th percentile reaching $2,792. The highest median tax bill in the area is $2,250, found in the 38654 zip code. Several factors influence the property tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions. The tax rate in Olive Branch is compared to the national median property tax rate of 0.99%, providing a benchmark for homeowners. These tax bills significantly impact homeowners by influencing their overall housing costs and financial planning. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their budgets effectively.
Average Olive Branch Tax Bill
$2,250
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Olive Branch, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38654 | $368 | $1,426 | $2,250 | $2,792 | $3,463 |
Source: Ownwell