Leake County, Mississippi Property Taxes
The median property tax rate in Leake County is 0.86%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $64,340, the typical annual property tax bill in Leake County is approximately $579, significantly below the national median of $2,690. Property taxes in Leake County 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 the specifics of Leake County's property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you reside in Carthage or elsewhere in Leake County, having a thorough understanding of local property taxes is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Leake County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$553
$513
Ownwell’s Leake County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Leake County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Leake County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Leake County, Mississippi
Property taxes in Leake County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Leake County is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Leake County set these rates annually, and they can vary significantly between different areas within the county. Each year, Leake County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Leake County's effective property tax rate with other counties in Mississippi and the national median. For comparison, the city of Thomastown has one of the higher property tax rates in Mississippi at 1.80%, while the city of Kosciusko boasts one of the lowest at 0.83%. Analyzing how Leake County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Leake County Tax Rate
0.86%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leake County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carthage | 0.32% | 0.78% | 0.87% | 1.08% | 1.26% |
| Kosciusko | 0.37% | 0.75% | 0.83% | 0.99% | 1.18% |
| Lena | 0.30% | 0.80% | 0.84% | 0.98% | 1.13% |
| Thomastown | N/A | N/A | N/A | N/A | N/A |
| Walnut Grove | 0.24% | 0.71% | 0.83% | 1.02% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Leake County, Mississippi
In Leake County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Leake County Appraisal District. The assessed value, however, 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. Assessment notices in Leake County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Thomastown has the highest median tax bill at $916, while Kosciusko has the lowest at $461. Being aware of these valuation processes in Leake County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Leake County Assessed Value
$64,340
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leake County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carthage | $21,951 | $45,015 | $68,100 | $109,820 | $168,803 |
| Kosciusko | $18,448 | $36,180 | $49,890 | $79,100 | $129,690 |
| Lena | $19,075 | $34,928 | $58,055 | $88,320 | $149,235 |
| Thomastown | N/A | N/A | N/A | N/A | N/A |
| Walnut Grove | $16,390 | $34,970 | $56,950 | $95,030 | $152,820 |
Source: Ownwell
Property Tax Bills Across Leake County, Mississippi
In Leake County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in the county is $64,340. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location and specific exemptions can influence the final amount. For instance, Thomastown has the highest median tax bill at $916, while Kosciusko has the lowest at $461. The tax bill can vary widely, with the 25th percentile at $320 and the 75th percentile at $1102, reaching up to $1947 at the 90th percentile. These property taxes fund local services, such as schools and public safety, directly impacting homeowners by contributing to the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Leake County offers relatively affordable property tax rates, making it an attractive option for homeowners.
Average Leake County Tax Bill
$579
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Leake County, Mississippi
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Carthage | $121 | $342 | $618 | $1,186 | $2,009 |
| Kosciusko | $127 | $304 | $461 | $831 | $1,563 |
| Lena | $120 | $250 | $482 | $900 | $1,641 |
| Thomastown | N/A | N/A | N/A | N/A | N/A |
| Walnut Grove | $86 | $255 | $476 | $968 | $1,860 |
Source: Ownwell