Okolona, Monroe County, Mississippi Property Taxes
The median property tax rate in Okolona, MS is 1.70%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Okolona, the typical annual property tax bill reaches $414, which is significantly lower than the national median of $2,690. Property taxes in Okolona 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 Okolona'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 Okolona 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
Okolona, Monroe County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.7%
Estimate Property Tax Bill
$749
$695
Ownwell’s Okolona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Okolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okolona 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Okolona, Monroe County, Mississippi
Property taxes in Okolona, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okolona is 1.70%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Okolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okolona 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 Okolona's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38860 zip code has the highest median property tax rate of 1.70%, while the same zip code also has the lowest median tax rate of 1.70%. Understanding how these cities compare with Okolona provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Okolona Tax Rate
1.70%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okolona, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | 0.54% | 0.81% | 1.70% | 1.94% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Okolona, Monroe County, Mississippi
In Okolona, 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 Monroe 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 Okolona, 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. For instance, the median home price in Okolona is $44,050, with tax bills ranging from $162 at the 25th percentile to $1,185 at the 90th percentile. The highest and lowest median tax bills, both at $414, are found in zip code 38860. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Okolona, Monroe County, Mississippi
Source: Ownwell
$20,090
$37,150
$54,210
Average Okolona Assessed Value
$44,050
Average Monroe County Assessed Value
$48,950
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Okolona, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $5,270 | $16,500 | $44,050 | $67,200 | $103,866 |
Source: Ownwell
Property Tax Bills Across Okolona, Monroe County, Mississippi
In Okolona, Monroe County, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the market value of the home, which is then multiplied by the local tax rate to determine the tax bill. For instance, a home with a median price of $44,050 will have its assessed value determined by local county assessors. Property tax rates in Okolona are relatively low compared to the national median property tax rate of 0.99%. For homeowners in the 25th percentile, tax bills can be as low as $162, while those in the 75th percentile might pay around $690. The highest tax bills, at the 90th percentile, can reach up to $1,185. These tax bills can significantly impact homeowners, affecting their annual budgeting and long-term financial planning. Lower property taxes can be beneficial for homeowners, making homeownership more affordable and potentially increasing property values over time.
Average Okolona Tax Bill
$414
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Okolona, Monroe County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $60 | $162 | $414 | $690 | $1,185 |
Source: Ownwell