Petal, Mississippi Property Taxes
The median property tax rate in Petal, MS is 0.94%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With the median home value in Petal at $73,560, the typical annual property tax bill is $836, well below the national median of $2,690. Property taxes in Petal are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Petal'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 Petal 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
Petal, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$691
$642
Ownwell’s Petal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petal 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 Petal, Mississippi
Property taxes in Petal, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petal is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Petal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petal 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 Petal's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39465 has both the highest and lowest median property tax rate of 0.94%. Understanding how these areas compare with Petal provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Petal Tax Rate
0.94%
Average Jones County Tax Rate
1.30%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | 0.63% | 0.76% | 0.94% | 1.92% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Petal, Mississippi
In Petal, 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 Jones 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 Petal, 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. Petal's median home price is $73,560, with tax bills ranging from $589 at the 25th percentile to $2,386 at the 90th percentile. The zip code 39465 has both the highest and lowest median tax bill of $836. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petal Assessed Value
$73,560
Average Jones County Assessed Value
$66,415
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $31,275 | $50,098 | $73,560 | $132,258 | $210,933 |
Source: Ownwell
Property Tax Bills Across Petal, Mississippi
In Petal, Jones 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 Petal is $73,560, and the property tax rate is determined by local tax authorities. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, homeowners in the 25th percentile can expect a tax bill around $589, while those in the 75th percentile might see bills closer to $1,393. At the higher end, the 90th percentile tax bill can reach up to $2,386. The highest and lowest median tax bills in the area are both $836, indicating a relatively uniform tax rate within the zip code 39465. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Petal. Compared to the national median property tax rate of 0.99%, Petal’s rates offer a perspective on local tax burdens and benefits.
Average Petal Tax Bill
$836
Average Jones County Tax Bill
$874
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Petal, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39465 | $394 | $589 | $836 | $1,393 | $2,386 |
Source: Ownwell