New Albany, Mississippi Property Taxes
The median property tax rate in New Albany, MS is 1.36%, which is notably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $90,417, the typical annual property tax bill in New Albany amounts to $1,231, which is below the national median of $2,690. Property taxes in New Albany are calculated based on the assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural land. Understanding New Albany'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 New Albany 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
New Albany, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$1,230
$1,141
Ownwell’s New Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Albany 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 New Albany, Mississippi
Property taxes in New Albany, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Albany is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within New Albany set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Albany 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 New Albany's effective property tax rate to other areas in Mississippi and the national median. For comparison, the ZIP code 38652 has both the highest and lowest median property tax rate of 1.36%. Understanding how these cities compare with New Albany provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Albany Tax Rate
1.36%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | 1.29% | 1.32% | 1.36% | 1.65% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across New Albany, Mississippi
In New Albany, 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 local 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 New Albany, 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 New Albany helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,231, found in the 38652 zip code, which also has the lowest median tax bill at the same value.
Average New Albany Assessed Value
$90,417
Average Pontotoc County Assessed Value
$62,532
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | $38,484 | $56,208 | $90,417 | $135,625 | $171,402 |
Source: Ownwell
Property Tax Bills Across New Albany, Mississippi
Property tax bills in New Albany, located in Pontotoc County, MS, are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by the local tax assessor. For instance, if the median home price in New Albany is $90,417, the assessed value is typically a fraction of this market price. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in New Albany may see property tax bills that range significantly. For example, the 25th percentile tax bill is around $852, while the 75th percentile tax bill reaches $1,787. At the 90th percentile, homeowners might pay up to $2,252. Comparatively, the national median property tax rate is 0.99%, making New Albany's rates competitive. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average New Albany Tax Bill
$1,231
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across New Albany, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38652 | $744 | $852 | $1,231 | $1,787 | $2,252 |
Source: Ownwell