Como, Panola County, Mississippi Property Taxes
The median property tax rate in Como, Mississippi is 1.91%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Como at $30,912, the typical annual property tax bill reaches $483, which is still below the national median of $2,690. Property taxes in Como 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 Como'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 Como 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
Como, Panola County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$590
$548
Ownwell’s Como Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Como with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Como 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 Como, Panola County, Mississippi
Property taxes in Como, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Como is 1.91%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Como set these rates annually, and they can vary significantly across different neighborhoods. Each year, Como 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 Como's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38619 zip code has both the highest and lowest median property tax rate of 1.91%. Understanding how these areas compare with Como provides valuable insights into the varying tax landscape across Panola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Como Tax Rate
1.91%
Average Panola County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Como, Panola County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | 0.86% | 1.01% | 1.91% | 1.94% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Como, Panola County, Mississippi
In Como, 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 Panola 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 Como, 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 Como helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Como is $483 in the 38619 zip code, while the lowest median tax bill is also $483 in the same zip code.
Property Tax Assessment Values Across Como, Panola County, Mississippi
Source: Ownwell
$22,256
$37,947
$53,638
Average Como Assessed Value
$30,912
Average Panola County Assessed Value
$42,358
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Como, Panola County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | $10,109 | $15,086 | $30,912 | $75,741 | $161,202 |
Source: Ownwell
Property Tax Bills Across Como, Panola County, Mississippi
In COMO, located in Panola County, MS, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property location, home size, and market conditions play a significant role in the assessed value. Homeowners in COMO experience varying tax bills, with the 25th percentile paying around $234 annually, while those at the 75th percentile pay approximately $1254. The highest tax bills, found in the 90th percentile, reach up to $2375. Interestingly, the median tax bill in the area is consistent at $483, as seen in the zip code 38619. Compared to the national median property tax rate of 0.99%, COMO's rates reflect the local economic conditions and property values. For homeowners, understanding these factors is crucial as they directly impact annual expenses and overall financial planning.
Average Como Tax Bill
$483
Average Panola County Tax Bill
$671
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Como, Panola County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38619 | $142 | $234 | $483 | $1,254 | $2,375 |
Source: Ownwell