Como, Mississippi Property Taxes
The median property tax rate in Como, Mississippi is 1.60%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Como, the typical annual property tax bill reaches $304, falling below the national median of $2,690. Property taxes in Como are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Como'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 Como 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
Como, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$454
$422
Ownwell’s COMO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in COMO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in COMO 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 Como, Mississippi
Property taxes in Como, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Como is 0.66%, which is slightly lower than the Mississippi state median of 0.81% and significantly below the U.S. national median of 0.99%. Local government entities within Como set these rates annually, and they can vary significantly across different neighborhoods. Each year, Como 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 Como's effective property tax rate to other counties in Mississippi and the national median. For comparison, the highest median property tax rate in the county is 0.81%, while the lowest is 0.81%. Understanding how these cities compare with Como provides valuable insights into the varying tax landscape across Panola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Como Tax Rate
1.60%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Como, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | 0.65% | 0.72% | 1.60% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Como, Mississippi
In Como, 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 Lafayette 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 Como, 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 Como helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Como, the zip code 38619 has the highest median tax bill at $304.00, while the lowest median tax bill is also in the same zip code at $304.00.
Average Como Assessed Value
$28,390
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Como, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | $9,142 | $15,065 | $28,390 | $61,668 | $100,054 |
Source: Ownwell
Property Tax Bills Across Como, Mississippi
Property tax bills in Como, located in Lafayette County, MS, are calculated based on the assessed value of a property, which is derived from its market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. For homeowners in Como, the median home price is $28,390. Tax bills can vary significantly, with the 25th percentile paying around $174, while those in the 75th percentile face bills closer to $639. At the high end, the 90th percentile sees tax bills reaching up to $1,207. These tax bills are influenced by several factors, including property assessments, local millage rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Como's property taxes can be relatively modest. For homeowners, understanding these factors is crucial, as property taxes represent a significant portion of homeownership costs. Properly managing and appealing tax assessments can lead to substantial savings over time.
Average Como Tax Bill
$304
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Como, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | $104 | $174 | $304 | $639 | $1,207 |
Source: Ownwell