Tillatoba, Mississippi Property Taxes
The median property tax rate in Tillatoba, MS is 0.78%, 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 Tillatoba at $63,985, the typical annual property tax bill is $410, significantly less than the national median of $2,690. Property taxes in Tillatoba are calculated based on the assessed value, which often falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Tillatoba's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Tillatoba or another part of Grenada County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tillatoba, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$499
Ownwell’s Tillatoba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tillatoba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tillatoba 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 Grenada County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tillatoba, Mississippi
Property taxes in Tillatoba, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tillatoba is 0.78%, which is below the U.S. national median of 0.99%. Local government entities within Tillatoba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tillatoba 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 Tillatoba's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38961 zip code has both the highest and lowest median property tax rate in the area, at 0.78%. Understanding how these cities compare with Tillatoba provides valuable insights into the varying tax landscape across Grenada County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tillatoba Tax Rate
0.78%
Average Grenada County Tax Rate
0.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | 0.44% | 0.64% | 0.78% | 0.92% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Tillatoba, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tillatoba, Mississippi. 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 local 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 Tillatoba, 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 Tillatoba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tillatoba are both $410, found in the zip code 38961.
Average Tillatoba Assessed Value
$63,985
Average Grenada County Assessed Value
$62,731
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | $26,248 | $44,990 | $63,985 | $116,922 | $171,536 |
Source: Ownwell
Property Tax Bills Across Tillatoba, Mississippi
In Tillatoba, Grenada County, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The county assessor determines this value, and the local tax rate is then applied to it. For instance, with a median home price of $63,985, homeowners can expect varying tax bills depending on their property's assessed value. Tax bills in Tillatoba range significantly, from the 25th percentile at $367 to the 75th percentile at $894, and reaching up to the 90th percentile at $1,742. These figures illustrate the disparity in property tax burdens within the community. The highest and lowest median tax bills in the region are both $410, indicating a relatively uniform tax rate across different properties. Understanding these factors is crucial for homeowners, as property taxes directly impact their annual expenses. Compared to the national median property tax rate of 0.99%, homeowners in Tillatoba might find their rates to be more favorable, providing some financial relief.
Average Tillatoba Tax Bill
$410
Average Grenada County Tax Bill
$583
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tillatoba, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38961 | $313 | $367 | $410 | $894 | $1,742 |
Source: Ownwell