Sherman, Mississippi Property Taxes
The median property tax rate in Sherman, MS is 1.65%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $73,530 in Sherman, the typical annual property tax bill reaches $1,218, surpassing the national median of $2,690. Property taxes in Sherman are calculated based on the assessed value, which typically falls below market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sherman’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 Sherman or another part of Pontotoc County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sherman, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.65%
Estimate Property Tax Bill
$1,213
Ownwell’s Sherman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sherman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sherman 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 Sherman, Mississippi
Property taxes in Sherman, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sherman is 1.65%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Sherman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherman 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 Sherman's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38828 zip code has the highest median property tax rate of 1.65%, while the 38869 zip code has the lowest median tax rate of 1.63%. Understanding how these cities compare with Sherman 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 Sherman Tax Rate
1.65%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38828 | 1.63% | 1.63% | 1.65% | 2.45% | 2.45% |
| 38869 | 1.63% | 1.63% | 1.63% | 1.63% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Sherman, Mississippi
In Sherman, 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 Sherman, 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 Sherman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $2,410 in the 38869 zip code, while the lowest is $1,212 in the 38828 zip code.
Average Sherman Assessed Value
$73,530
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 Sherman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38828 | $23,864 | $40,988 | $72,065 | $89,178 | $171,550 |
| 38869 | $126,137 | $137,982 | $147,751 | $153,548 | $158,242 |
Source: Ownwell
Property Tax Bills Across Sherman, Mississippi
In Sherman, located in Pontotoc County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Sherman is $73,530. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $772 and the 75th percentile reaching $1,896. For those in the 90th percentile, tax bills can go up to $2,900. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions. The assessed value is determined by the county assessor and is typically a fraction of the market value. Local tax rates are then applied to this assessed value to calculate the final tax bill. For homeowners, these property taxes fund essential public services such as schools, infrastructure, and emergency services. While Sherman's tax rates are relatively moderate, they still play a significant role in the overall cost of homeownership. Comparing these figures to the national median property tax rate of 0.99%, Sherman's tax rates are competitive, making it an appealing place for potential homeowners.
Average Sherman Tax Bill
$1,218
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherman, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38828 | $476 | $771 | $1,212 | $1,849 | $2,959 |
| 38869 | $2,057 | $2,250 | $2,410 | $2,504 | $2,581 |
Source: Ownwell