Oak Vale, Mississippi Property Taxes
The median property tax rate in Oak Vale, MS is 1.07%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $47,721 in Oak Vale, the typical annual property tax bill amounts to $540, which is well below the national median of $2,690. Property taxes in Oak Vale are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Oak Vale'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 Oak Vale or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak Vale, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$511
Ownwell’s Oak Vale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Vale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Vale 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 Oak Vale, Mississippi
Property taxes in Oak Vale, Mississippi, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Vale is 1.07%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Oak Vale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Vale 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 Oak Vale's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39656 zip code has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Oak Vale provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Vale Tax Rate
1.07%
Average Lawrence County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | 0.80% | 0.83% | 1.07% | 1.85% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Oak Vale, Mississippi
In Oak Vale, 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 Lawrence 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 Oak Vale, 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 Oak Vale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Oak Vale is $47,721, with tax bills ranging from $332 at the 25th percentile to $1,494 at the 90th percentile. The zip code 39656 has the highest and lowest median tax bill of $540.
Average Oak Vale Assessed Value
$47,721
Average Lawrence County Assessed Value
$54,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | $13,815 | $27,355 | $47,721 | $75,967 | $100,111 |
Source: Ownwell
Property Tax Bills Across Oak Vale, Mississippi
In Oak Vale, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The tax rate in Lawrence County is applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $47,721, homeowners can expect varying tax bills depending on their property's assessed value. The 25th percentile tax bill is around $332, while the 75th percentile reaches approximately $796. For those in the 90th percentile, tax bills can climb up to $1,494. Several factors influence the assessed value, including the property's market value, improvements made, and comparable property values in the area. These property taxes are crucial as they fund essential local services such as public education, emergency services, and infrastructure. Homeowners in Oak Vale benefit from relatively lower property taxes compared to the national median property tax rate of 0.99%, making it an attractive location for those looking to manage their annual expenses effectively.
Average Oak Vale Tax Bill
$540
Average Lawrence County Tax Bill
$556
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Vale, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39656 | $113 | $332 | $540 | $796 | $1,494 |
Source: Ownwell