Little Rock, Mississippi Property Taxes
The median property tax rate in Little Rock, MS is 0.93%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Little Rock, the typical annual property tax bill is $494, significantly lower than the national median of $2,690. Property taxes in Little Rock are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Little Rock'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 Little Rock 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
Little Rock, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$506
$469
Ownwell’s Little Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Little Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little Rock 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 Little Rock, Mississippi
Property taxes in Little Rock, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Little Rock is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Little Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Little Rock 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 Little Rock's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39337 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Little Rock provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Rock Tax Rate
0.93%
Average Newton County Tax Rate
1.13%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | 0.35% | 0.78% | 0.93% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Little Rock, Mississippi
In Little Rock, 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 Newton 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 Little Rock, 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. For example, the highest median tax bill in the area is $494 in the 39337 zip code. 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 Little Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Little Rock Assessed Value
$54,360
Average Newton County Assessed Value
$57,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | $12,366 | $25,590 | $54,360 | $95,690 | $143,442 |
Source: Ownwell
Property Tax Bills Across Little Rock, Mississippi
In Little Rock, Newton County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. This assessed value is typically a percentage of the home's market value. For instance, if a home in Little Rock has a median home price of $54,360, the assessed value would be a fraction of this amount, depending on local assessment rates. Several factors influence the property tax bill, including the property's location, size, and condition. Additionally, local tax rates, which vary by county and city, play a significant role in determining the final amount. Homeowners in Little Rock can expect their property tax bills to range widely, with the 25th percentile at $255 and the 75th percentile at $953. The 90th percentile can see bills as high as $1,698. Compared to the national median property tax rate of 0.99%, the tax burden in Little Rock can be relatively modest, though it varies significantly depending on individual property assessments and local tax policies. This variability in tax bills can significantly impact homeowners' annual financial planning and budgeting.
Average Little Rock Tax Bill
$494
Average Newton County Tax Bill
$665
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Rock, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39337 | $126 | $255 | $494 | $953 | $1,698 |
Source: Ownwell