Okolona, Mississippi Property Taxes
The median property tax rate in Okolona, MS is 1.08%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Okolona at $50,820, the typical annual property tax bill is $591, significantly below the national median of $2,690. Property taxes in Okolona 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 Okolona'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 Okolona or another part of Lee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Okolona, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$549
$509
Ownwell’s Okolona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okolona 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 Okolona, Mississippi
Property taxes in Okolona, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okolona is 1.08%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Okolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okolona 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 Okolona's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38860 zip code has the highest median property tax rate of 1.08%, while the 38860 zip code has the lowest median tax rate of 1.08%. Understanding how these cities compare with Okolona provides valuable insights into the varying tax landscape across Lee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okolona Tax Rate
1.08%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | 1.07% | 1.07% | 1.08% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Okolona, Mississippi
In Okolona, 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 Lee 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 Okolona, 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. The median home price in Okolona is $50,820, with the 25th percentile tax bill at $320 and the 75th percentile tax bill at $911. The highest median tax bill in the area is $591.00 in the 38860 zip code, which also has the lowest median tax bill at the same amount. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Okolona Assessed Value
$50,820
Average Lee County Assessed Value
$101,000
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $16,167 | $23,718 | $50,820 | $77,568 | $112,849 |
Source: Ownwell
Property Tax Bills Across Okolona, Mississippi
In Okolona, located in Lee County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. For example, if the median home price in Okolona is $50,820, the assessed value would be a fraction of this amount, depending on local assessment ratios. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. In Okolona, the median property tax rate is relatively low compared to the national median of 0.99%. Homeowners in the 25th percentile can expect a tax bill around $320, while those in the 75th percentile might pay approximately $911. At the higher end, the 90th percentile tax bill reaches about $1,553. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Okolona Tax Bill
$591
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $216 | $320 | $591 | $911 | $1,553 |
Source: Ownwell