Mantachie, Itawamba County, Mississippi Property Taxes
The median property tax rate in Mantachie, MS is 0.99%, aligning with the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Mantachie at $67,020, the typical annual property tax bill comes to $695, significantly below the national median of $2,690. Property taxes in Mantachie are calculated based on the assessed value, which usually falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Mantachie'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 Mantachie or another part of Itawamba County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mantachie, Itawamba County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$663
$616
Ownwell’s Mantachie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mantachie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mantachie 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 Mantachie, Itawamba County, Mississippi
Property taxes in Mantachie, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mantachie is 0.99%, which aligns with both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Mantachie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mantachie 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 Mantachie's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38855 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Mantachie provides valuable insights into the varying tax landscape across Itawamba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mantachie Tax Rate
0.99%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mantachie, Itawamba County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | 0.50% | 0.89% | 0.99% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Mantachie, Itawamba County, Mississippi
In Mantachie, 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 Itawamba 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 Mantachie, 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 Mantachie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mantachie, the zip code with the highest median tax bill is 38855 at $695, while the lowest is also 38855 at $695.
Property Tax Assessment Values Across Mantachie, Itawamba County, Mississippi
Source: Ownwell
$52,740
$69,980
$87,220
Average Mantachie Assessed Value
$67,020
Average Itawamba County Assessed Value
$62,360
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mantachie, Itawamba County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | $17,392 | $42,800 | $67,020 | $95,550 | $144,170 |
Source: Ownwell
Property Tax Bills Across Mantachie, Itawamba County, Mississippi
In Mantachie, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. For instance, a home with a median price of $67,020 in Mantachie falls within Itawamba County's tax jurisdiction. Homeowners can expect their tax bills to vary significantly based on their property's assessed value and the applied tax rate. For example, tax bills in Mantachie range from the 25th percentile at $406 to the 75th percentile at $1,126, with the 90th percentile reaching up to $1,704. These figures indicate how property taxes can impact homeowners differently, depending on their property's valuation. Compared to the national median property tax rate of 0.99%, Mantachie's tax bills are relatively moderate, but they still represent a significant annual expense for homeowners. Understanding this calculation helps homeowners budget accordingly and anticipate their financial obligations.
Average Mantachie Tax Bill
$695
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mantachie, Itawamba County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38855 | $161 | $406 | $695 | $1,126 | $1,704 |
Source: Ownwell