Terry, Mississippi Property Taxes
The median property tax rate in Terry, MS is 1.06%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $113,835 in Terry, the typical annual property tax bill is around $1,054, which is below the national median of $2,690. Property taxes in Terry are based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Terry's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're residing in Terry or considering investment opportunities, getting familiar with the local property tax landscape is essential for maximizing financial benefits.
Last Updated June 14, 2024
Terry, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,207
Ownwell’s Terry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Terry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Terry 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 Terry, Mississippi
Property taxes in Terry, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terry is 1.06%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Terry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Terry 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 Terry's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39170 zip code has the highest median property tax rate of 1.06%, while the same 39170 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Terry provides valuable insights into the varying tax landscape across Hinds County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terry Tax Rate
1.06%
Average Hinds County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39170 | 0.55% | 0.82% | 1.06% | 1.40% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Terry, Mississippi
In Terry, 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 Terry, 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. For instance, the median home price in Terry is $113,835, with tax bills ranging from $538 at the 25th percentile to $2,734 at the 90th percentile. Interestingly, the zip code 39170 has both the highest and lowest median tax bill, at $1,054. By understanding 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 Terry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Terry Assessed Value
$113,835
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 Terry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39170 | $25,488 | $53,520 | $113,835 | $170,060 | $241,110 |
Source: Ownwell
Property Tax Bills Across Terry, Mississippi
In Terry, located in Hinds County, MS, property tax bills are calculated based on the assessed value of your home, which is a percentage of the market value. The median home price in Terry is $113,835. Property tax rates are applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Terry can expect property tax bills to vary significantly. For instance, the 25th percentile tax bill is $538, while the 75th percentile tax bill is $1,802. At the 90th percentile, homeowners might see tax bills as high as $2,734. The highest median tax bill in the area is $1,054, which is consistent across the zip code 39170. Compared to the national median property tax rate of 0.99%, the tax rates in Terry can be more or less depending on individual circumstances. Understanding these factors can help homeowners anticipate their annual financial obligations and plan their budgets accordingly.
Average Terry Tax Bill
$1,054
Average Hinds County Tax Bill
$1,076
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Terry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39170 | $283 | $538 | $1,054 | $1,802 | $2,734 |
Source: Ownwell