Preston, Mississippi Property Taxes
The median property tax rate in Preston, MS is 1.26%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $58,250 in Preston, the typical annual property tax bill amounts to $578, which is significantly below the national median of $2,690. Property taxes in Preston are based on the assessed value, which is often less than the market value due to exemptions such as primary residence and agricultural exemptions. Familiarizing yourself with Preston's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether residing in the center of Preston or its outskirts, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Preston, 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 Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Mississippi
Property taxes in Preston, Mississippi, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39354 zip code has both the highest and lowest median property tax rate of 1.26%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Neshoba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
1.26%
Average Neshoba County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | 0.70% | 0.75% | 1.26% | 1.66% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Mississippi
In Preston, 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 Neshoba 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 Preston, 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Preston is $58,250, with tax bills ranging from $274 at the 25th percentile to $2,238 at the 90th percentile. The highest and lowest median tax bills are both $578 in the zip code 39354.
Average Preston Assessed Value
$58,250
Average Neshoba County Assessed Value
$53,540
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | $11,506 | $20,755 | $58,250 | $104,762 | $136,691 |
Source: Ownwell
Property Tax Bills Across Preston, Mississippi
In Preston, property tax bills are calculated based on the assessed value of a home, which is determined by the Neshoba County tax assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Preston see a range of tax bills, with the 25th percentile bill at $274 and the 75th percentile bill at $879. The median home price in Preston is $58,250, and the highest median tax bill recorded in the area is $578.00 for the zip code 39354. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These tax bills impact homeowners by contributing to annual expenses, which can vary significantly. For instance, while some homeowners might pay as little as $274, others could see bills as high as $2,238, depending on their property's assessed value and applicable tax rates. Comparing these figures to the national median property tax rate of 0.99% highlights the variability and potential financial burden on Preston homeowners.
Average Preston Tax Bill
$578
Average Neshoba County Tax Bill
$527
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | $107 | $274 | $578 | $879 | $2,238 |
Source: Ownwell