Tougaloo, Mississippi Property Taxes
The median property tax rate in Tougaloo, MS is 2.89%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $19,990 in Tougaloo, the typical annual property tax bill amounts to $494, which is considerably lower than the national median of $2,690. Property taxes in Tougaloo are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Tougaloo'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 Tougaloo or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tougaloo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.89%
Estimate Property Tax Bill
$578
$536
Ownwell’s Tougaloo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tougaloo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tougaloo 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 Tougaloo, Mississippi
Property taxes in Tougaloo, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tougaloo is 2.89%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Tougaloo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tougaloo 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 Tougaloo's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39174 has both the highest and lowest median property tax rate of 2.89%. Understanding how these areas compare with Tougaloo 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 Tougaloo Tax Rate
2.89%
Average Hinds County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | 1.49% | 1.82% | 2.89% | 2.89% | 2.89% |
Source: Ownwell
Property Tax Assessment Values Across Tougaloo, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tougaloo, 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. Assessment notices in Tougaloo 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 Tougaloo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tougaloo is $19,990, with a 25th percentile tax bill of $364 and a 75th percentile tax bill of $644. The highest and lowest median tax bills are both $494, found in zip code 39174.
Average Tougaloo Assessed Value
$19,990
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 Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | $7,393 | $13,782 | $19,990 | $31,618 | $51,858 |
Source: Ownwell
Property Tax Bills Across Tougaloo, Mississippi
In Tougaloo, located in Hinds County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tougaloo is $19,990. Property taxes are then determined by applying the local tax rate to this assessed value. The tax bills can vary significantly, with the 25th percentile at $364 and the 75th percentile at $644. For those in the 90th percentile, tax bills can go up to $1,040. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners by contributing to the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Tougaloo's tax rates offer a relatively affordable option for homeowners. However, understanding how these taxes are calculated and the factors influencing them can help homeowners better manage their finances and anticipate future tax obligations.
Average Tougaloo Tax Bill
$494
Average Hinds County Tax Bill
$1,076
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tougaloo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39174 | $203 | $364 | $494 | $644 | $1,040 |
Source: Ownwell