Smithdale, Mississippi Property Taxes
The median property tax rate in Smithdale, MS is 0.83%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Smithdale being $83,715, the typical annual property tax bill amounts to $754, significantly less than the national median of $2,690. Property taxes in Smithdale are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smithdale'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 Smithdale or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smithdale, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$695
Ownwell’s Smithdale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithdale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithdale 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 Smithdale, Mississippi
Property taxes in Smithdale, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithdale is 0.83%, which is lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Smithdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithdale 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 Smithdale's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39664 has both the highest and lowest median property tax rate of 0.83%, the same as Smithdale. Understanding how these areas compare with Smithdale provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithdale Tax Rate
0.83%
Average Franklin County Tax Rate
1.37%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithdale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39664 | 0.77% | 0.79% | 0.83% | 0.95% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Smithdale, Mississippi
Understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes in Smithdale, Mississippi. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. For tax purposes, this value is estimated by the Franklin County Appraisal District. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. Your property taxes are calculated by multiplying the assessed value by the combined tax rates of all relevant taxing entities. In Smithdale, 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. The median home price in Smithdale is $83,715, with tax bills ranging from $434 at the 25th percentile to $1,390 at the 90th percentile. The highest and lowest median tax bills in the region are both $754, found in the 39664 zip code. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Smithdale Assessed Value
$83,715
Average Franklin County Assessed Value
$51,050
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithdale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39664 | $50,347 | $54,875 | $83,715 | $101,768 | $129,534 |
Source: Ownwell
Property Tax Bills Across Smithdale, Mississippi
In Smithdale, located in Franklin County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Homeowners in Smithdale can expect their tax bills to vary widely, with the 25th percentile tax bill at $434 and the 75th percentile reaching $1,096. For those at the 90th percentile, the tax bill can go up to $1,390. This variability is influenced by factors such as property size, location, improvements, and local tax rates. Compared to the national median property tax rate of 0.99%, Smithdale's rates can be seen as relatively moderate. Homeowners need to budget for these taxes as they directly impact annual expenses. Understanding how these factors contribute to the overall tax bill can help residents plan better and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Smithdale Tax Bill
$754
Average Franklin County Tax Bill
$566
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithdale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39664 | $421 | $434 | $754 | $1,096 | $1,390 |
Source: Ownwell