Philipp, Mississippi Property Taxes
The median property tax rate in Philipp, MS is 1.83%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Philipp at $22,080, the typical annual property tax bill reaches $387, which is significantly lower than the national median of $2,690. Property taxes in Philipp 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 Philipp'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 Philipp or another part of Leflore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Philipp, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$404
$375
Ownwell’s PHILIPP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PHILIPP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PHILIPP 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 Philipp, Mississippi
Property taxes in Philipp, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Philipp is 1.83%, significantly higher than the U.S. national median of 0.99%. Local government entities within Philipp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Philipp 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 Philipp's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38950 has the same median property tax rate of 1.83%. Understanding how these areas compare with Philipp 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 Philipp Tax Rate
1.83%
Average Leflore County Tax Rate
1.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | 0.80% | 1.83% | 1.83% | 1.83% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Philipp, Mississippi
In PHILIPP, 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 PHILIPP, 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 PHILIPP 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 bill is 38950, both recorded at $387.
Average Philipp Assessed Value
$22,080
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 Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | $10,624 | $14,508 | $22,080 | $35,505 | $53,000 |
Source: Ownwell
Property Tax Bills Across Philipp, Mississippi
In Philipp, located in Leflore County, MS, property tax bills are determined based on the assessed value of the property. This assessed value is a percentage of the market value, which is then multiplied by the local tax rate. The median home price in Philipp is $22,080, which influences the overall tax bill. Homeowners in this area can expect their property tax bills to vary significantly depending on their property's assessed value and the local tax rate. For instance, the tax bill for the 25th percentile is around $244, whereas for the 75th percentile, it rises to approximately $610. At the 90th percentile, homeowners might see tax bills as high as $944. Comparatively, the highest and lowest median tax bills in Philipp are both $387, indicating a relatively consistent tax rate across different properties. These property taxes are crucial as they fund local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Philipp Tax Bill
$387
Average Leflore County Tax Bill
$611
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Philipp, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38950 | $128 | $244 | $387 | $610 | $944 |
Source: Ownwell