Thaxton, Mississippi Property Taxes
The median property tax rate in Thaxton, MS is 1.33%, slightly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $63,607 in Thaxton, the typical annual property tax bill amounts to $897, which is below the national median of $2,690. Property taxes in Thaxton are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Thaxton's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in significant annual savings. Whether you're in the heart of Thaxton or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thaxton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$846
$785
Ownwell’s Thaxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thaxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thaxton 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 Thaxton, Mississippi
Property taxes in Thaxton, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thaxton is 1.33%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Thaxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thaxton 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 Thaxton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38871 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Thaxton 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 Thaxton Tax Rate
1.33%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | 1.28% | 1.29% | 1.33% | 1.72% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Thaxton, Mississippi
In Thaxton, 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 Thaxton, 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 Thaxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Thaxton, the median home price is $63,607, with property tax bills ranging from $494 at the 25th percentile to $2,579 at the 90th percentile. The zip code with the highest and lowest median tax bill is 38871, both at $897.
Average Thaxton Assessed Value
$63,607
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 Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $15,213 | $34,045 | $63,607 | $116,250 | $186,482 |
Source: Ownwell
Property Tax Bills Across Thaxton, Mississippi
In Thaxton, Pontotoc County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor, who evaluates the property’s market value and applies an assessment ratio. For instance, if the median home price is $63,607, the assessed value will be a percentage of this amount, depending on local regulations. Various factors influence the tax bill, including the property's location, size, and condition. Additionally, local tax rates, which can vary, are applied to the assessed value to determine the final tax bill. For example, in Thaxton, the tax bills range from $494 at the 25th percentile to $2,579 at the 90th percentile, indicating a significant variation based on property characteristics and assessment. This system impacts homeowners by directly linking their annual tax obligations to the value of their property. Higher-valued homes typically incur higher tax bills, which can affect household budgets and long-term financial planning. Compared to the national median property tax rate of 0.99%, Thaxton’s rates reflect local economic conditions and funding needs.
Average Thaxton Tax Bill
$897
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Thaxton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38871 | $240 | $494 | $897 | $1,588 | $2,579 |
Source: Ownwell