Osyka, Mississippi Property Taxes
The median property tax rate in Osyka, MS is 1.88%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Osyka being $15,086, the typical annual property tax bill amounts to $202, which is much lower than the national median of $2,690. Property taxes in Osyka are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Osyka'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 Osyka 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
Osyka, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$284
$263
Ownwell’s Osayka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osayka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osayka 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 Osyka, Mississippi
Property taxes in Osyka, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osyka is 1.88%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Osyka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osyka 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 Osyka's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39657 zip code 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 cities compare with Osyka 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 Osyka 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 Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | 0.85% | 1.87% | 1.88% | 1.91% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Osyka, Mississippi
In Osika, 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 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 Osika, 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. The median home price in Osika is $15,086, with tax bills ranging from $88 at the 25th percentile to $1,257 at the 90th percentile. The highest and lowest median tax bills are both $202, found in the 39657 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 Osika helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Osyka Assessed Value
$15,086
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 Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | $1,836 | $5,000 | $15,086 | $47,899 | $90,790 |
Source: Ownwell
Property Tax Bills Across Osyka, Mississippi
In Osika, Pike County, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The median home price in Osika is $15,086, and the property tax rate in Pike County is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Osika can expect their tax bills to vary significantly, with the 25th percentile tax bill at $88 and the 75th percentile at $648. The 90th percentile tax bill reaches up to $1,257, indicating a wide range in tax liabilities among residents. The highest and lowest median tax bills in the area are both $202, highlighting some consistency in certain neighborhoods. Compared to the national median property tax rate of 0.99%, Osika's tax bills may appear relatively low, providing some relief to homeowners in this region.
Average Osyka Tax Bill
$202
Average Pike County Tax Bill
$353
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | $30 | $88 | $202 | $648 | $1,257 |
Source: Ownwell