Seminary, Mississippi Property Taxes
The median property tax rate in Seminary, MS is 1.08%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Seminary at $66,780, the typical annual property tax bill amounts to $822, which is significantly below the national median of $2,690. Property taxes in Seminary are calculated based on the assessed value, which is often below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Seminary'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 Seminary 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
Seminary, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$721
Ownwell’s Seminary Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Seminary with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Seminary 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 Seminary, Mississippi
Property taxes in Seminary, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Seminary is 1.08%, which is significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Seminary set these rates annually, and they can vary significantly across different neighborhoods. Each year, Seminary 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 Seminary's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39479 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Seminary 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 Seminary Tax Rate
1.08%
Average Jones County Tax Rate
1.30%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | 0.42% | 0.88% | 1.08% | 1.92% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Seminary, Mississippi
In Seminary, 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 Tax Assessor 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 Seminary, 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. For instance, the median home price in Seminary is $66,780, with tax bills ranging from $427 at the 25th percentile to $1,978 at the 90th percentile. The zip code 39479 has the highest and lowest median tax bill, both at $822. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Seminary Assessed Value
$66,780
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 Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | $19,194 | $42,710 | $66,780 | $111,350 | $166,992 |
Source: Ownwell
Property Tax Bills Across Seminary, Mississippi
In Seminary, located in Jones County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. With a median home price of $66,780, the property tax rate in this area is relatively low compared to the national median property tax rate of 0.99%. The tax bill for homeowners in Seminary can vary significantly, with the 25th percentile paying around $427 and the 75th percentile paying up to $1,447. Several factors contribute to the determination of a property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The highest median tax bill recorded in the area is $822, found in the 39479 zip code. This tax burden can influence homeowners' financial planning and the overall affordability of homeownership in Seminary. While property taxes are essential for funding local services, understanding how they are calculated helps homeowners anticipate and manage their expenses effectively.
Average Seminary Tax Bill
$822
Average Jones County Tax Bill
$874
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Seminary, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39479 | $199 | $427 | $822 | $1,447 | $1,978 |
Source: Ownwell