Leakesville, Mississippi Property Taxes
The median property tax rate in Leakesville, MS is 1.91%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Leakesville at $18,060, the typical annual property tax bill reaches $255, which is significantly lower than the national median of $2,690. Property taxes in Leakesville 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 Leakesville'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 Leakesville or another part of Greene County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leakesville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$345
Ownwell’s Leakesville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leakesville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leakesville 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 Leakesville, Mississippi
Property taxes in Leakesville, Mississippi, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Leakesville stands at 1.91%, significantly higher than the U.S. national median of 0.99%. Local government entities within Leakesville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leakesville 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 Leakesville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39451 zip code has the highest median property tax rate of 1.91%, while the same zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Leakesville provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leakesville Tax Rate
1.91%
Average Greene County Tax Rate
1.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leakesville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39451 | 0.89% | 1.16% | 1.91% | 1.94% | 2.33% |
Source: Ownwell
Property Tax Assessment Values Across Leakesville, Mississippi
In Leakesville, 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 Greene 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 Leakesville, 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 Leakesville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 39451 has the highest median tax bill at $255.
Average Leakesville Assessed Value
$18,060
Average Greene County Assessed Value
$13,790
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leakesville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39451 | $1,426 | $4,535 | $18,060 | $59,678 | $110,636 |
Source: Ownwell
Property Tax Bills Across Leakesville, Mississippi
In Leakesville, property tax bills are calculated based on the assessed value of a property, which is determined by the Greene County tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners, this means the amount they owe can vary significantly depending on their property's assessed value and the local tax rate. The median home price in Leakesville is $18,060, resulting in a range of property tax bills. For instance, at the 25th percentile, homeowners might pay around $79 annually, while those at the 75th percentile could see bills as high as $754. At the 90th percentile, the tax bill can reach up to $1,407. Compared to the national median property tax rate of 0.99%, Leakesville's property tax rates can be considered relatively low, which can be a financial relief for homeowners in the area. However, the variation in tax bills underscores the importance of understanding how assessed values and local tax rates impact overall costs.
Average Leakesville Tax Bill
$255
Average Greene County Tax Bill
$191
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Leakesville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39451 | $24 | $79 | $255 | $754 | $1,407 |
Source: Ownwell