Flowood, Mississippi Property Taxes
The median property tax rate in Flowood, MS is 2.28%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Flowood at $147,420, the typical annual property tax bill reaches $3,362, exceeding the national median of $2,690. Property taxes in Flowood 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 Flowood'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 Flowood 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
Flowood, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$3,361
$3,119
Ownwell’s Flowood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flowood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flowood 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 Flowood, Mississippi
Property taxes in Flowood, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flowood is 0.80%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Flowood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flowood 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 Flowood's effective property tax rate to other counties in Mississippi and the national median. For comparison, the ZIP code 39232 has the highest median property tax rate of 0.80%, while ZIP code 39232 also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Flowood provides valuable insights into the varying tax landscape across Rankin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flowood Tax Rate
2.28%
Average Hinds County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | 2.28% | 2.28% | 2.28% | 2.28% | 2.28% |
Source: Ownwell
Property Tax Assessment Values Across Flowood, Mississippi
In Flowood, 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 Hinds 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 Flowood, 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 Flowood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 39232, both at $3,362.
Average Flowood Assessed Value
$147,420
Average Hinds County Assessed Value
$63,595
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | $147,420 | $147,420 | $147,420 | $147,420 | $147,420 |
Source: Ownwell
Property Tax Bills Across Flowood, Mississippi
In Flowood, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For homeowners in Flowood, located in Hinds County, the median home price stands at $147,420. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In Flowood, the tax bill at the 25th, 75th, and 90th percentiles is consistently $3,362, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can have a substantial impact on homeowners, increasing their annual financial obligations. Understanding these factors allows homeowners to better anticipate their property tax expenses and plan accordingly.
Average Flowood Tax Bill
$3,362
Average Hinds County Tax Bill
$1,076
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | $3,362 | $3,362 | $3,362 | $3,362 | $3,362 |
Source: Ownwell