Tupelo, Mississippi Property Taxes
The median property tax rate in Tupelo, MS is 1.30%, slightly lower than the Mississippi state median of 1.31% but still above the national median of 0.99%. With a median home value of $60,218 in Tupelo, the typical annual property tax bill amounts to $864, which is significantly below the national median of $2,690. Property taxes in Tupelo are calculated based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Tupelo'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 Tupelo or another part of Pontotoc County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tupelo, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$783
$726
Ownwell’s Tupelo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tupelo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tupelo 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 Tupelo, Mississippi
Property taxes in Tupelo, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tupelo is 1.30%, notably higher than the U.S. national median of 0.99%. Local government entities within Tupelo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tupelo 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 Tupelo's effective property tax rate to other areas in Mississippi and the national median. For comparison, the 38804 zip code has the highest median property tax rate of 1.66%, while the 38801 zip code has the lowest median tax rate of 1.30%. Understanding how these regions compare with Tupelo 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 Tupelo Tax Rate
1.30%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | 1.28% | 1.28% | 1.30% | 1.91% | 1.91% |
| 38804 | 1.64% | 1.65% | 1.66% | 1.68% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Tupelo, Mississippi
In Tupelo, 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 Tupelo, 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. For instance, the highest median tax bill in the area is $2,861 in zip code 38804, while the lowest is $863 in zip code 38801. 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 Tupelo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tupelo Assessed Value
$60,218
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 Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | $14,058 | $31,952 | $59,984 | $110,535 | $179,944 |
| 38804 | $64,370 | $85,162 | $167,396 | $249,155 | $269,096 |
Source: Ownwell
Property Tax Bills Across Tupelo, Mississippi
In Tupelo, located in Pontotoc County, MS, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $60,218, the assessed value is used to calculate the tax bill. Various factors, including property size, location, and improvements, influence this assessed value. Homeowners in Tupelo can expect tax bills that vary widely. At the 25th percentile, tax bills are around $462, while those at the 75th percentile reach $1,579. The top 10% of tax bills can be as high as $2,444. Notably, the highest median tax bill in the area is $2,861 in the 38804 zip code, while the lowest is $863 in the 38801 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Tupelo may find their tax bills to be relatively moderate, but they still significantly impact household budgets, influencing decisions on property purchases and improvements.
Average Tupelo Tax Bill
$864
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tupelo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38801 | $214 | $454 | $863 | $1,570 | $2,427 |
| 38804 | $1,063 | $1,396 | $2,861 | $4,272 | $4,508 |
Source: Ownwell