Southaven, Mississippi Property Taxes
The median property tax rate in Southaven, MS is 2.18%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Southaven being $98,136, the typical annual property tax bill reaches $1,987, which is below the national median of $2,690. Property taxes in Southaven 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 Southaven'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 Southaven 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
Southaven, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.18%
Estimate Property Tax Bill
$2,139
$1,985
Ownwell’s Southaven Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Southaven with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Southaven 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 Southaven, Mississippi
Property taxes in Southaven, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southaven is 2.18%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Southaven set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southaven 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 Southaven's effective property tax rate to other areas in DeSoto County and the national median. For comparison, the 38671 zip code has the highest median property tax rate of 2.18%, while the 38672 zip code has the lowest median tax rate of 2.17%. Understanding how these cities compare with Southaven 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 Southaven Tax Rate
2.18%
Average Desoto County Tax Rate
2.05%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38671 | 1.45% | 2.18% | 2.18% | 2.18% | 2.19% |
| 38672 | 1.25% | 1.45% | 2.17% | 2.17% | 2.18% |
Source: Ownwell
Property Tax Assessment Values Across Southaven, Mississippi
In Southaven, 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 Tax 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 Southaven, 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 Southaven helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Southaven is $2,928 in the 38672 zip code, while the lowest median tax bill is $1,770 in the 38671 zip code.
Average Southaven Assessed Value
$98,136
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 Southaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38671 | $21,000 | $58,382 | $83,627 | $109,367 | $135,887 |
| 38672 | $120,832 | $135,541 | $151,613 | $169,426 | $211,152 |
Source: Ownwell
Property Tax Bills Across Southaven, Mississippi
In Southaven, located in DeSoto County, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of the market value. The tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and market conditions influence the assessed value. For instance, the median home price in Southaven is $98,136. Property tax bills can vary significantly; homeowners in the 25th percentile pay around $1,319, while those in the 75th percentile face bills of approximately $2,643. The 90th percentile sees tax bills as high as $3,199. Notably, the zip code 38672 has the highest median tax bill at $2,928, whereas zip code 38671 has the lowest at $1,770. These variations affect homeowners' financial planning and can influence decisions on buying or maintaining property in different areas of Southaven. With a national median property tax rate of 0.99%, Southaven's property taxes are competitive but vary widely within the city.
Average Southaven Tax Bill
$1,987
Average Desoto County Tax Bill
$1,564
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Southaven, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38671 | $291 | $1,246 | $1,770 | $2,274 | $2,637 |
| 38672 | $871 | $2,234 | $2,928 | $3,274 | $3,625 |
Source: Ownwell