Magnolia, Mississippi Property Taxes
The median property tax rate in Magnolia, MS is 1.88%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Magnolia, the typical annual property tax bill reaches $224, which is significantly lower than the national median of $2,690. Property taxes in Magnolia 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 Magnolia'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 Magnolia 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
Magnolia, 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 Magnolia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magnolia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magnolia 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 Magnolia, Mississippi
Property taxes in Magnolia, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Magnolia is 1.88%, significantly higher than the U.S. national median of 0.99%. Local government entities within Magnolia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magnolia 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 Magnolia's effective property tax rate to other areas in Pike County and the national median. For comparison, the 39652 zip code in Pike County has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these areas compare with Magnolia provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magnolia Tax Rate
1.88%
Average Pike County Tax Rate
1.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | 0.85% | 1.87% | 1.88% | 1.91% | 2.43% |
Source: Ownwell
Property Tax Assessment Values Across Magnolia, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Magnolia, Mississippi. 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 Pike 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 Magnolia, 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 highest median tax bill in the area is $224 in zip code 39652, while the lowest is also $224 in the same zip code. Being aware of these valuation processes in Magnolia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Magnolia Assessed Value
$15,460
Average Pike County Assessed Value
$23,724
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | $1,423 | $4,750 | $15,460 | $46,353 | $88,309 |
Source: Ownwell
Property Tax Bills Across Magnolia, Mississippi
In Magnolia, Pike County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Magnolia typically see a wide range of tax bills, with the 25th percentile at $78 and the 75th percentile reaching $596. For those in the 90th percentile, tax bills can climb to $1,251. The median home price in Magnolia is relatively low at $15,460, which contributes to the lower property tax bills compared to the national median property tax rate of 0.99%. This calculation method ensures that property taxes are proportionate to the value of the home, impacting homeowners by reflecting the true market conditions and property characteristics.
Average Magnolia Tax Bill
$224
Average Pike County Tax Bill
$353
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Magnolia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39652 | $23 | $78 | $224 | $596 | $1,251 |
Source: Ownwell