Holly Springs, Mississippi Property Taxes
The median property tax rate in Holly Springs, MS is 1.72%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Holly Springs, the typical annual property tax bill reaches $754, which is significantly lower than the national median of $2,690. Property taxes in Holly Springs 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 Holly Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Holly Springs 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
Holly Springs, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Holly Springs Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Holly Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holly Springs to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Marshall County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Holly Springs, Mississippi
Property taxes in Holly Springs, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly Springs is 1.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Holly Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly Springs 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 Holly Springs' effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38635 has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these areas compare with Holly Springs provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holly Springs Tax Rate
1.72%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | 0.73% | 1.11% | 1.72% | 2.23% | 2.80% |
Source: Ownwell
Property Tax Assessment Values Across Holly Springs, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Holly Springs, 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 Marshall 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 Holly Springs, 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 Holly Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both found in zip code 38635, with a median tax bill of $754.
Property Tax Assessment Values Across Holly Springs, Mississippi
Source: Ownwell
$31,190
$80,435
$129,680
Average Holly Springs Assessed Value
$58,105
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | $6,150 | $20,000 | $58,105 | $89,968 | $163,778 |
Source: Ownwell
Property Tax Bills Across Holly Springs, Mississippi
In Holly Springs, located in Marshall County, MS, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Factors such as property size, location, and any improvements made can influence this assessed value. Once the assessed value is established, the local tax rate is applied. For context, the national median property tax rate is 0.99%, but rates can vary significantly by region. In Holly Springs, the tax bills can range widely. For instance, the 25th percentile tax bill is $253, while the 75th percentile tax bill reaches $1,494. At the higher end, the 90th percentile tax bill is $2,358. These property taxes are crucial for funding local services, such as public schools, infrastructure, and emergency services. For homeowners, understanding how these factors influence their tax bills can help in financial planning and property management, ensuring they are prepared for their annual obligations.
Average Holly Springs Tax Bill
$754
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly Springs, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38635 | $106 | $253 | $754 | $1,494 | $2,358 |
Source: Ownwell