Petal, Forrest County, Mississippi Property Taxes
The median property tax rate in Petal, MS is 1.28%, slightly higher than the national median of 0.99% but just below the Mississippi state median of 1.31%. With a median home value of $92,610 in Petal, the typical annual property tax bill amounts to $1,143, which is lower than the national median of $2,690. Property taxes in Petal are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Petal'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 Petal 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
Petal, Forrest County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,185
$1,100
Ownwell’s Petal Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Petal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petal to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in neighborhood-specific trends, simply scroll down for more localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Petal, Forrest County, Mississippi
Property taxes in Petal, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petal is 1.28%, significantly higher than the U.S. national median of 0.99%. Local government entities within Petal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petal 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 Petal's effective property tax rate to other areas and the national median. For comparison, the zip code 39465 has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Petal provides valuable insights into the varying tax landscape across Forrest County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petal Tax Rate
1.28%
Average Forrest County Tax Rate
1.50%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petal, Forrest County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | 0.58% | 0.94% | 1.28% | 1.85% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Petal, Forrest County, Mississippi
In Petal, 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 Forrest 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 Petal, 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 Petal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39465 has the highest and lowest median tax bill, both at $1,143.
Property Tax Assessment Values Across Petal, Forrest County, Mississippi
Source: Ownwell
$36,595
$92,333
$148,070
Average Petal Assessed Value
$92,610
Average Forrest County Assessed Value
$72,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petal, Forrest County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $28,882 | $51,395 | $92,610 | $144,370 | $197,096 |
Source: Ownwell
Property Tax Bills Across Petal, Forrest County, Mississippi
In Petal, located in Forrest 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 county assessor. This value is then multiplied by the local tax rate. In Petal, homeowners experience varying tax bills, with the 25th percentile paying around $640 and the 75th percentile facing bills as high as $1,884. For those in the 90th percentile, tax bills can reach up to $2,836. These property taxes fund essential public services, including schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, Petal's tax rates can significantly impact homeowners, especially those with higher-valued properties. The highest median tax bill in the area is $1,143, found in the 39465 zip code. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Petal Tax Bill
$1,143
Average Forrest County Tax Bill
$1,069
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Petal, Forrest County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $309 | $640 | $1,143 | $1,884 | $2,836 |
Source: Ownwell