Lake, Scott County, Mississippi Property Taxes
The median property tax rate in LAKE, MS is 1.05%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in LAKE at $53,360, the typical annual property tax bill amounts to $529, which is significantly below the national median of $2,690. Property taxes in LAKE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding LAKE'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 LAKE 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
Lake, Scott County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$560
$520
Ownwell’s LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAKE 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 Lake, Scott County, Mississippi
Property taxes in Lake, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake is 1.05%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39092 zip code has the highest median property tax rate of 1.05%, while the 39092 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lake provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Tax Rate
1.05%
Average Scott County Tax Rate
1.02%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake, Scott County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | 0.69% | 0.79% | 1.05% | 1.78% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Lake, Scott County, Mississippi
In LAKE, 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 Scott 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 LAKE, 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 LAKE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $529.00, found in the 39092 zip code. By staying informed, homeowners can better manage their property tax obligations.
Property Tax Assessment Values Across Lake, Scott County, Mississippi
Source: Ownwell
$52,490
$63,308
$74,125
Average Lake Assessed Value
$53,360
Average Scott County Assessed Value
$53,585
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake, Scott County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $9,507 | $22,300 | $53,360 | $90,480 | $142,073 |
Source: Ownwell
Property Tax Bills Across Lake, Scott County, Mississippi
In Lake, located in Scott County, MS, property tax bills are calculated based on the assessed value of a property, which is determined as a percentage of the market value. Homeowners in Lake can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the 25th percentile tax bill is around $240, while the 75th percentile tax bill reaches $1,014, and the 90th percentile tax bill can go up to $1,791. The median home price in Lake is $53,360, and with a national median property tax rate of 0.99%, homeowners in this area may find their tax bills comparatively manageable. However, individual tax bills can differ based on specific factors such as property size, location, and any applicable exemptions. For homeowners, understanding these factors is crucial as they directly impact the annual property tax burden. In Scott County, the highest and lowest median tax bills are both recorded at $529 in the zip code 39092, indicating a relatively uniform tax structure within that area.
Average Lake Tax Bill
$529
Average Scott County Tax Bill
$504
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, Scott County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $120 | $240 | $529 | $1,014 | $1,791 |
Source: Ownwell