Pontotoc, Mississippi Property Taxes
The median property tax rate in Pontotoc, MS is 0.83%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Pontotoc at $79,480, the typical annual property tax bill is around $468, significantly below the national median of $2,690. Property taxes in Pontotoc are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Pontotoc's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pontotoc or elsewhere in the county, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Pontotoc, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Pontotoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pontotoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pontotoc 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 Pontotoc, Mississippi
Property taxes in Pontotoc, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pontotoc is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Pontotoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pontotoc 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 Pontotoc's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38863 has both the highest and lowest median property tax rate of 0.83%. Understanding how these cities compare with Pontotoc provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pontotoc Tax Rate
0.83%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | 0.13% | 0.66% | 0.83% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Pontotoc, Mississippi
In Pontotoc, 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 local 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 Pontotoc, 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 Pontotoc helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Pontotoc are both $468, found in the 38863 zip code.
Average Pontotoc Assessed Value
$79,480
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 Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | $36,098 | $45,430 | $79,480 | $101,190 | $214,604 |
Source: Ownwell
Property Tax Bills Across Pontotoc, Mississippi
In Pontotoc, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Various factors, including location, property size, and improvements, influence this assessed value. Homeowners in Pontotoc experience a range of property tax bills, with the 25th percentile at $287 and the 75th percentile at $1024. The highest median tax bill in the area is $468, applicable to the zip code 38863. Compared to the national median property tax rate of 0.99%, Pontotoc's property tax rates can significantly impact homeowners' finances. Lower tax bills can make homeownership more affordable, while higher tax bills, such as those in the 90th percentile at $2147, can be a considerable expense. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Pontotoc Tax Bill
$468
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Pontotoc, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38863 | $113 | $287 | $468 | $1,024 | $2,147 |
Source: Ownwell