Itta Bena, Mississippi Property Taxes
The median property tax rate in Itta Bena, MS is 1.35%, higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $42,634 in Itta Bena, the typical annual property tax bill amounts to $622, which is significantly lower than the national median of $2,690. Property taxes in Itta Bena are based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Itta Bena's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Itta Bena or elsewhere in Leflore County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Itta Bena, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$576
Ownwell’s Itta Bena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Itta Bena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Itta Bena 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 Leflore County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Itta Bena, Mississippi
Property taxes in Itta Bena, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Itta Bena is 0.81%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Itta Bena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Itta Bena 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 Itta Bena's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38941 zip code has the highest median property tax rate of 0.81%, while the 38941 zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Itta Bena provides valuable insights into the varying tax landscape across Leflore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Itta Bena Tax Rate
1.35%
Average Leflore County Tax Rate
1.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Itta Bena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38941 | 0.82% | 1.18% | 1.35% | 2.63% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Itta Bena, Mississippi
In Itta Bena, 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 Leflore 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 Itta Bena, 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 Itta Bena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 38941, with a median tax bill of $622.
Average Itta Bena Assessed Value
$42,634
Average Leflore County Assessed Value
$41,840
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Itta Bena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38941 | $14,543 | $31,374 | $42,634 | $62,325 | $105,682 |
Source: Ownwell
Property Tax Bills Across Itta Bena, Mississippi
In Itta Bena, property tax bills are determined based on the assessed value of a home and the local tax rate. The median home price in Itta Bena is $42,634, and property taxes are calculated by applying the local tax rate to this assessed value. Homeowners in Itta Bena pay a median tax bill of $622, which is relatively modest compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the assessed value of the property and any applicable exemptions or deductions. For instance, the tax bill in the 25th percentile is $410, while in the 75th percentile, it rises to $936, and in the 90th percentile, it reaches $1559. These variations show how property values and local tax rates impact the overall tax burden on homeowners. Understanding these factors is crucial for homeowners as property taxes directly affect their annual expenses. By keeping track of assessed values and local tax rates, homeowners can better manage their financial planning and obligations.
Average Itta Bena Tax Bill
$622
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Itta Bena, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38941 | $233 | $410 | $622 | $936 | $1,559 |
Source: Ownwell