Chunky, Mississippi Property Taxes
The median property tax rate in Chunky, MS is 0.97%, which is slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With a median home value of $49,225 in Chunky, the typical annual property tax bill is $447, well below the national median of $2,690. Property taxes in Chunky are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. Understanding Chunky'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 Chunky 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
Chunky, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$477
$443
Ownwell’s Chunky Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chunky with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chunky 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 Chunky, Mississippi
Property taxes in Chunky, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chunky is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Chunky set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chunky 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 Chunky's effective property tax rate to other areas in Lauderdale County and the national median. For comparison, the zip code 39323 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Chunky provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chunky Tax Rate
0.97%
Average Lauderdale County Tax Rate
1.54%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | 0.47% | 0.78% | 0.97% | 1.78% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Chunky, Mississippi
In Chunky, 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 Lauderdale 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 Chunky, 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 Chunky helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 39323 has the highest and lowest median tax bills at $447. With the national median property tax rate at 0.99%, understanding these local nuances is essential for effective property tax management.
Average Chunky Assessed Value
$49,225
Average Lauderdale County Assessed Value
$61,125
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | $9,520 | $20,228 | $49,225 | $95,882 | $136,225 |
Source: Ownwell
Property Tax Bills Across Chunky, Mississippi
In Chunky, Lauderdale County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Chunky can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $224, while the 75th percentile tax bill reaches $965, and those in the 90th percentile pay up to $1556. These figures are influenced by factors such as the property's location, size, and market conditions. The median home price in Chunky is $49,225, which is significantly lower than the national median, making the property tax rates relatively manageable. Compared to the national median property tax rate of 0.99%, homeowners in Chunky benefit from a lower overall tax burden. This system ensures that property taxes are equitably distributed, impacting homeowners based on the value of their property.
Average Chunky Tax Bill
$447
Average Lauderdale County Tax Bill
$844
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Chunky, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39323 | $139 | $224 | $447 | $965 | $1,556 |
Source: Ownwell