Tupelo, Mississippi Property Taxes
The median property tax rate in Tupelo, MS is 1.34%, which is higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Tupelo at $104,880, the typical annual property tax bill reaches $1,519, still below the national median of $2,690. Property taxes in Tupelo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a solid understanding of Tupelo'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 Tupelo 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
Tupelo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,405
Ownwell’s Tupelo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tupelo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tupelo 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 Tupelo, Mississippi
Property taxes in Tupelo, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tupelo is 1.34%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Tupelo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tupelo 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 Tupelo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38801 zip code has the highest median property tax rate of 1.34%, while the 38802 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Tupelo 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 Tupelo Tax Rate
1.34%
Average Lee County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | 1.09% | 1.34% | 1.34% | 2.01% | 2.01% |
| 38802 | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
| 38804 | 1.07% | 1.34% | 1.34% | 1.61% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Tupelo, Mississippi
In Tupelo, 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. Assessment notices in Tupelo 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 Tupelo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Tupelo is $1,593 in the 38802 zip code, while the lowest median tax bill is $1,391 in the 38804 zip code.
Average Tupelo Assessed Value
$104,880
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 Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | $49,804 | $70,128 | $109,405 | $166,008 | $255,072 |
| 38802 | $151,200 | $151,200 | $151,200 | $151,200 | $151,200 |
| 38804 | $34,304 | $58,748 | $97,140 | $158,448 | $273,349 |
Source: Ownwell
Property Tax Bills Across Tupelo, Mississippi
In Tupelo, located in Lee County, MS, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. Homeowners in Tupelo see a median home price of approximately $104,880. The tax bill can vary significantly depending on the specific area within the city. For instance, the highest median tax bill in the area is around $1593 in the 38802 zip code, while the lowest is about $1391 in the 38804 zip code. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions. For example, tax bills at the 25th percentile are around $1011, whereas those at the 75th percentile can reach up to $2310, and at the 90th percentile, they can go as high as $3533. These variations can significantly impact homeowners, influencing their annual financial planning and potentially the affordability of their homes. Comparing these figures to the national median property tax rate of 0.99% highlights the regional differences in property tax burdens.
Average Tupelo Tax Bill
$1,519
Average Lee County Tax Bill
$1,408
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | $789 | $1,087 | $1,589 | $2,368 | $3,494 |
| 38802 | $1,593 | $1,593 | $1,593 | $1,593 | $1,593 |
| 38804 | $536 | $870 | $1,391 | $2,204 | $3,603 |
Source: Ownwell