Wheeler, Mississippi Property Taxes
The median property tax rate in Wheeler, MS is 1.13%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $49,785, the typical annual property tax bill in Wheeler amounts to $1,691, which is below the national median of $2,690. Property taxes in Wheeler are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Wheeler'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 Wheeler 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
Wheeler, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$563
$522
Ownwell’s Wheeler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheeler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheeler 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 Wheeler, Mississippi
Property taxes in Wheeler, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheeler is 0.52%, significantly lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Wheeler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheeler 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 Wheeler's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38880 zip code in Prentiss County has the highest median property tax rate of 0.52%, while the same zip code also has the lowest median tax rate of 0.52%. Understanding how these cities compare with Wheeler provides valuable insights into the varying tax landscape across Prentiss County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheeler Tax Rate
1.13%
Average Prentiss County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheeler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38880 | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Wheeler, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wheeler, Mississippi. 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 Prentiss 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 Wheeler, 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 and lowest median tax bills in Wheeler are both $1,691, found in the 38880 zip code. 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 Wheeler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wheeler Assessed Value
$49,785
Average Prentiss County Assessed Value
$31,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheeler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38880 | $34,164 | $43,020 | $49,785 | $76,150 | $120,286 |
Source: Ownwell
Property Tax Bills Across Wheeler, Mississippi
In Wheeler, MS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Wheeler is $49,785. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and condition can influence the assessed value, thereby affecting the tax bill. For homeowners in Wheeler, the property tax bill is fairly consistent, with the 25th, 75th, and 90th percentiles all paying around $1,691 annually. This uniformity indicates a stable tax environment, which can be beneficial for financial planning. Compared to the national median property tax rate of 0.99%, Wheeler's tax rate is relatively higher, impacting homeowners by potentially increasing their annual expenses. Understanding these factors is crucial for homeowners to manage their budgets and anticipate yearly costs effectively.
Average Wheeler Tax Bill
$1,691
Average Prentiss County Tax Bill
$259
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheeler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38880 | $1,691 | $1,691 | $1,691 | $1,691 | $1,691 |
Source: Ownwell