Durant, Mississippi Property Taxes
The median property tax rate in Durant, MS is 1.87%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Durant, the typical annual property tax bill reaches $563, which is notably lower than the national median of $2,690. Property taxes in Durant are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Durant'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 Durant or another part of Holmes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Durant, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.87%
Estimate Property Tax Bill
$629
Ownwell’s Durant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durant 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 Durant, Mississippi
Property taxes in Durant, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durant is 1.87%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Durant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durant 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 Durant's effective property tax rate to other areas in Holmes County and the national median. For comparison, the 39063 zip code has the highest median property tax rate of 1.87%, while the same zip code also has the lowest median tax rate of 1.87%. Understanding how these areas compare with Durant provides valuable insights into the varying tax landscape across Holmes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Durant Tax Rate
1.87%
Average Holmes County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39063 | 1.05% | 1.35% | 1.87% | 2.44% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Durant, Mississippi
In Durant, 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 Holmes 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 Durant, 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 Durant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Durant are both $563.00, found in zip code 39063.
Average Durant Assessed Value
$33,652
Average Holmes County Assessed Value
$35,335
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Durant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39063 | $7,724 | $17,793 | $33,652 | $53,605 | $82,799 |
Source: Ownwell
Property Tax Bills Across Durant, Mississippi
In Durant, Holmes County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Durant typically see tax bills that reflect a range of values. For instance, the 25th percentile tax bill is around $323, while the 75th percentile reaches up to $889. At the 90th percentile, homeowners might pay as much as $1,292. These amounts are influenced by the local property tax rate, which is applied to the assessed value to determine the final tax bill. Factors such as property location, home improvements, and market conditions can affect the assessed value. For comparison, the national median property tax rate is 0.99%, highlighting how local rates and property values can significantly impact what homeowners pay. This variation underscores the importance for homeowners to understand their property assessments to anticipate their tax obligations accurately.
Average Durant Tax Bill
$563
Average Holmes County Tax Bill
$549
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Durant, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39063 | $147 | $323 | $563 | $889 | $1,292 |
Source: Ownwell