Thomastown, Mississippi Property Taxes
The median property tax rate in Thomastown, MS is 1.80%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Thomastown at $50,840, the typical annual property tax bill reaches $916, which is still below the national median of $2,690. Property taxes in Thomastown 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 Thomastown'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 Thomastown 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
Thomastown, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.8%
Estimate Property Tax Bill
$915
Ownwell’s Thomastown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thomastown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thomastown 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 Thomastown, Mississippi
Property taxes in Thomastown, Mississippi, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Thomastown is 1.80%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities in Thomastown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thomastown 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 Thomastown's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39171 zip code has both the highest and lowest median property tax rate of 1.80%. Understanding how these areas compare with Thomastown provides valuable insights into the varying tax landscape across Leake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thomastown Tax Rate
1.80%
Average Leake County Tax Rate
0.86%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thomastown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39171 | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Thomastown, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thomastown, Mississippi. 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 Leake 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 Thomastown, 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 Thomastown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Thomastown both occur in the 39171 zip code, with a value of $916.
Average Thomastown Assessed Value
$50,840
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 Thomastown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39171 | $49,416 | $49,950 | $50,840 | $52,820 | $54,008 |
Source: Ownwell
Property Tax Bills Across Thomastown, Mississippi
In Thomastown, property tax bills are calculated based on the assessed value of a home, which is determined by the Leake County tax assessor. The assessed value is a percentage of the market value of the property. For homeowners in Thomastown, the median home price is $50,840. The property tax rate in this region is applied to the assessed value to calculate the annual tax bill. Factors that influence the tax bill include the market value of the property, the local tax rate, and any applicable exemptions. In Thomastown, the tax bill at the 25th, 75th, and 90th percentiles is uniformly $916, indicating a consistent taxation approach within the area. This uniformity provides predictability for homeowners regarding their annual property tax obligations. Compared to the national median property tax rate of 0.99%, Thomastown's property tax bills are relatively straightforward and consistent, which can be beneficial for homeowners in budgeting and financial planning. This stability in tax bills can contribute to a more predictable financial environment for residents.
Average Thomastown Tax Bill
$916
Average Leake County Tax Bill
$579
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Thomastown, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39171 | $916 | $916 | $916 | $916 | $916 |
Source: Ownwell