Flowood, Mississippi Property Taxes
The median property tax rate in Flowood, MS is 1.01%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $196,755 in Flowood, the typical annual property tax bill amounts to $2,074, which is below the national median of $2,690. Property taxes in Flowood are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Flowood'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 Flowood 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
Flowood, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,987
Ownwell’s Flowood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flowood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flowood 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 Flowood, Mississippi
Property taxes in Flowood, Mississippi, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flowood is 0.80%, lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Flowood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flowood 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 Flowood's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39232 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these areas compare with Flowood provides valuable insights into the varying tax landscape across Rankin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flowood Tax Rate
1.01%
Average Rankin County Tax Rate
0.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | 0.53% | 0.87% | 1.01% | 1.13% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Flowood, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Flowood, 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 Rankin 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. Assessment notices in Flowood 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. For instance, the median home price in Flowood is $196,755, and property tax bills can range significantly, with the 25th percentile at $1,226 and the 75th percentile at $3,138. The highest and lowest median tax bills are both $2,074 in the 39232 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Flowood Assessed Value
$196,755
Average Rankin County Assessed Value
$136,735
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | $103,337 | $138,925 | $196,755 | $307,932 | $462,799 |
Source: Ownwell
Property Tax Bills Across Flowood, Mississippi
In Flowood, property tax bills are calculated based on the assessed value of your home, which is determined by the Rankin County Assessor's office. The assessed value is a percentage of the market value of your property. Several factors influence this assessed value, including recent sales of similar properties, improvements or renovations made to the home, and overall market conditions. Once the assessed value is determined, the local tax rate is applied to calculate the tax bill. For homeowners in Flowood, the median home price is $196,755. Property tax bills can vary significantly, with the 25th percentile at $1,226 and the 75th percentile at $3,138. The highest median tax bill in the area is $2,074, which matches the lowest median tax bill, indicating a consistent tax rate in the 39232 zip code. Understanding how these factors combine to affect your property tax bill can help homeowners better anticipate their annual expenses and plan their finances accordingly.
Average Flowood Tax Bill
$2,074
Average Rankin County Tax Bill
$1,263
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Flowood, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39232 | $632 | $1,226 | $2,074 | $3,138 | $4,992 |
Source: Ownwell