Senatobia, Mississippi Property Taxes
The median property tax rate in Senatobia, MS is 1.14%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $95,720, the typical annual property tax bill in Senatobia reaches $2,941, surpassing the national median of $2,690. Property taxes in Senatobia are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Senatobia'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 Senatobia or another part of Panola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Senatobia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$1,091
$1,013
Ownwell’s Senatobia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Senatobia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Senatobia 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 Senatobia, Mississippi
Property taxes in Senatobia, Mississippi, are crucial for funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Senatobia is 1.14%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Senatobia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Senatobia 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 Senatobia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38668 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Senatobia 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 Senatobia Tax Rate
1.14%
Average Panola County Tax Rate
1.34%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Senatobia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | 1.02% | 1.06% | 1.14% | 1.21% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Senatobia, Mississippi
In Senatobia, 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 Senatobia, 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 Senatobia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill is $2,941 in the zip code 38668, which is both the highest and lowest median tax bill in the area.
Average Senatobia Assessed Value
$95,720
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 Senatobia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | $27,234 | $52,916 | $95,720 | $239,290 | $325,432 |
Source: Ownwell
Property Tax Bills Across Senatobia, Mississippi
In Senatobia, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local property tax rate set by Panola County. For instance, if a home is assessed at $95,720, the tax bill will depend on the specific rate applied. Factors such as property improvements, neighborhood developments, and overall market trends can influence the assessed value. Homeowners in Senatobia can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,944, while the 75th percentile reaches up to $3,938. For those at the 90th percentile, the tax bill can be as high as $4,536. The highest median tax bill recorded in the area is $2,941, which is notably higher than the national median property tax rate of 0.99%. These variations in tax bills can significantly impact homeowners, affecting their annual financial planning and overall cost of homeownership.
Average Senatobia Tax Bill
$2,941
Average Panola County Tax Bill
$671
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Senatobia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | $1,346 | $1,944 | $2,941 | $3,938 | $4,536 |
Source: Ownwell