Kokomo, Mississippi Property Taxes
The median property tax rate in Kokomo, MS is 2.11%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Kokomo at $47,820, the typical annual property tax bill reaches $572, which is significantly lower than the national median of $2,690. Property taxes in Kokomo 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 Kokomo'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 Kokomo or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kokomo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.11%
Estimate Property Tax Bill
$1,009
Ownwell’s Kokomo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kokomo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kokomo 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 Kokomo, Mississippi
Property taxes in Kokomo, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kokomo is 2.11%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Kokomo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kokomo 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 Kokomo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39643 zip code has the highest median property tax rate of 2.11%, while the same zip code also has the lowest median tax rate of 2.11%. Understanding how these cities compare with Kokomo provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kokomo Tax Rate
2.11%
Average Marion County Tax Rate
2.10%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kokomo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | 0.73% | 1.02% | 2.11% | 2.13% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Kokomo, Mississippi
In Kokomo, 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 Marion 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 Kokomo, 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 Kokomo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $572 in zip code 39643, while the lowest median tax bill is also $572 in the same zip code.
Average Kokomo Assessed Value
$47,820
Average Marion County Assessed Value
$47,810
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kokomo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | $6,940 | $16,670 | $47,820 | $79,420 | $121,570 |
Source: Ownwell
Property Tax Bills Across Kokomo, Mississippi
In Kokomo, located in Marion County, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, which is determined by local tax authorities. Homeowners in Kokomo can expect a median home price of $47,820. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For example, the 25th percentile of tax bills in Kokomo is $225, while the 75th percentile reaches $1,053. At the 90th percentile, tax bills can be as high as $1,846, reflecting the variability based on property characteristics and valuations. Compared to the national median property tax rate of 0.99%, Kokomo’s tax rates offer a range that can significantly impact homeowners. Understanding these factors can help residents anticipate their annual property tax obligations and plan accordingly.
Average Kokomo Tax Bill
$572
Average Marion County Tax Bill
$627
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Kokomo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | $117 | $225 | $572 | $1,053 | $1,846 |
Source: Ownwell