Summit, Mississippi Property Taxes
The median property tax rate in Summit, MS is 2.01%, which is considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Summit, the typical annual property tax bill reaches $406, though this is lower than the national median of $2,690. Property taxes in Summit 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 Summit'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 Summit 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
Summit, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$562
$521
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit, Mississippi
Property taxes in Summit, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 2.01%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39666 zip code has the highest median property tax rate of 2.01%, while the same zip code also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Summit 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 Summit Tax Rate
2.01%
Average Pike County Tax Rate
1.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | 0.91% | 1.17% | 2.01% | 2.04% | 2.54% |
Source: Ownwell
Property Tax Assessment Values Across Summit, Mississippi
In Summit, 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Summit is $27,954, with tax bills ranging from $127 at the 25th percentile to $2,187 at the 90th percentile. The highest and lowest median tax bills are both $406 in zip code 39666.
Average Summit Assessed Value
$27,954
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 Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | $1,845 | $7,213 | $27,954 | $79,632 | $164,522 |
Source: Ownwell
Property Tax Bills Across Summit, Mississippi
In Summit, located in Pike County, MS, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value determined by the county assessor. Once the assessed value is established, local tax rates are applied to calculate the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Summit, the property tax burden can vary significantly. The tax bill at the 25th percentile is approximately $127, while at the 75th percentile, it rises to around $1,119. Those at the 90th percentile can expect to pay up to $2,187. The highest median tax bill in the area is $406, observed in the 39666 zip code. Compared to the national median property tax rate of 0.99%, Summit's rates reflect the local economic conditions and property values. This variation in tax bills impacts homeowners differently, influencing their overall financial planning and housing affordability.
Average Summit Tax Bill
$406
Average Pike County Tax Bill
$353
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39666 | $33 | $127 | $406 | $1,119 | $2,187 |
Source: Ownwell