Smithville, Mississippi Property Taxes
The median property tax rate in Smithville, MS is 0.98%, slightly lower than the national median of 0.99% and significantly below the Mississippi state median of 1.31%. With the median home value in Smithville, the typical annual property tax bill is approximately $600, which is well under the national median of $2,690. Property taxes in Smithville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Smithville'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 Smithville 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
Smithville, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$663
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Mississippi
Property taxes in Smithville, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other areas in Mississippi and the national median. For comparison, the ZIP code 38870 in Itawamba County has a median property tax rate of 0.98%. Understanding how these areas compare with Smithville 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 Smithville Tax Rate
0.98%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | 0.81% | 0.89% | 0.98% | 1.31% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Mississippi
In Smithville, 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 Smithville, 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. The median home price in Smithville is $67,640, with tax bills ranging from $384 at the 25th percentile to $1,934 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 38870, with a median tax bill of $600. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithville Assessed Value
$67,640
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 Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | $20,196 | $48,455 | $67,640 | $97,060 | $168,378 |
Source: Ownwell
Property Tax Bills Across Smithville, Mississippi
Property tax bills in Smithville, located in Itawamba County, MS, are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. In Smithville, the median home price is $67,640, and tax bills vary widely. For instance, the tax bill at the 25th percentile is $384, while at the 75th percentile, it rises to $1,103. Homeowners at the 90th percentile can expect to pay around $1,934. These figures highlight the range of property taxes within the city, which can significantly impact homeowners' budgets. Comparatively, Smithville's median tax bill aligns closely with the highest and lowest median tax bills in the 38870 zip code, both recorded at $600. This variability underscores the importance of understanding local property tax calculations and their implications for homeowners.
Average Smithville Tax Bill
$600
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38870 | $149 | $384 | $600 | $1,103 | $1,934 |
Source: Ownwell