Flora, Madison County, Mississippi Property Taxes
The median property tax rate in Flora, MS is 0.86%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Flora at $79,480, the typical annual property tax bill comes to $815, significantly less than the national median of $2,690. Property taxes in Flora 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. Understanding Flora'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 Flora or another part of Madison County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flora, Madison County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$684
$634
Ownwell’s Flora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flora 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 Flora, Madison County, Mississippi
Property taxes in Flora, Mississippi, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Flora is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Flora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flora 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 Flora's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39071 has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Flora provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flora Tax Rate
0.86%
Average Madison County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flora, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39071 | 0.52% | 0.69% | 0.86% | 1.40% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Flora, Madison County, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Flora, 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 Madison 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 Flora 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. For example, the median home price in Flora is $79,480, with tax bills ranging from $412 at the 25th percentile to $1,716 at the 75th percentile, and up to $3,109 at the 90th percentile. The zip code with the highest and lowest median tax bill is 39071, both at $815. 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 their tax burden.
Property Tax Assessment Values Across Flora, Madison County, Mississippi
Source: Ownwell
$32,770
$127,708
$222,645
Average Flora Assessed Value
$79,480
Average Madison County Assessed Value
$167,330
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flora, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39071 | $26,742 | $41,572 | $79,480 | $181,190 | $335,232 |
Source: Ownwell
Property Tax Bills Across Flora, Madison County, Mississippi
In Flora, located in Madison County, MS, property tax bills are determined by assessing the property's market value and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $412, while the 75th percentile reaches $1,716. At the 90th percentile, homeowners can expect to pay around $3,109. These differences highlight how property values and applicable exemptions can impact the final tax amount. With a median home price of $79,480, Flora's property tax rates are relatively modest compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area both stand at $815, indicating some consistency within certain zip codes. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Flora Tax Bill
$815
Average Madison County Tax Bill
$1,681
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Flora, Madison County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39071 | $199 | $412 | $815 | $1,716 | $3,109 |
Source: Ownwell