Okolona, Mississippi Property Taxes
The median property tax rate in Okolona, MS is 1.38%, which is significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Okolona, the typical annual property tax bill reaches $349, although this is below the national median of $2,690. Property taxes in Okolona 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 Okolona'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 Okolona 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
Okolona, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$312
$289
Ownwell’s Okolona Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Okolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Okolona to provide an estimate of 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 Okolona, Mississippi
Property taxes in Okolona, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Okolona is 0.73%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Okolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Okolona 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 Okolona's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38860 zip code has the highest median property tax rate of 1.38%, while the same zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Okolona 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 Okolona Tax Rate
1.38%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | 1.28% | 1.29% | 1.38% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Okolona, Mississippi
In Okolona, 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 Pontotoc 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 Okolona, 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 Okolona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Okolona is $22,579, with the 25th percentile of tax bills at $192 and the 75th percentile at $672. The highest and lowest median tax bills are both $349, found in zip code 38860.
Average Okolona Assessed Value
$22,579
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 Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $8,468 | $11,452 | $22,579 | $48,162 | $59,683 |
Source: Ownwell
Property Tax Bills Across Okolona, Mississippi
In Okolona, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. Homeowners in Pontotoc County can expect their tax bills to vary significantly. For instance, the median home price in Okolona is $22,579. The property tax bill at the 25th percentile is $192, while at the 75th percentile, it rises to $672. At the 90th percentile, homeowners might see a tax bill as high as $1,079. These figures indicate that property taxes can have a considerable impact on household budgets, especially in comparison to the national median property tax rate of 0.99%. For residents, understanding these factors is crucial for financial planning. By knowing how their tax bill is determined, homeowners can better anticipate their annual expenses and explore potential exemptions or appeals to manage their property tax obligations more effectively.
Average Okolona Tax Bill
$349
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Okolona, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38860 | $118 | $192 | $349 | $672 | $1,079 |
Source: Ownwell