Walnut Grove, Mississippi Property Taxes
The median property tax rate in Walnut Grove, 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 $74,125 in Walnut Grove, the typical annual property tax bill is $698, which is below the national median of $2,690. Property taxes in Walnut Grove are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Walnut Grove'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 Walnut Grove 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
Walnut Grove, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Walnut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Grove 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 Walnut Grove, Mississippi
Property taxes in Walnut Grove, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Grove is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Walnut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut Grove 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 Walnut Grove's effective property tax rate to other areas in Scott County and the national median. For comparison, the zip code 39189 has the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Walnut Grove 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 Walnut Grove Tax Rate
1.01%
Average Scott County Tax Rate
1.02%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | 0.59% | 0.79% | 1.01% | 1.78% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Grove, Mississippi
In Walnut Grove, 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 Walnut Grove, 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. The median home price in Walnut Grove is $74,125, and understanding these valuation concepts can help property owners navigate their tax responsibilities more effectively. For example, the highest median tax bill in the area is $698 in the 39189 zip code, while the lowest is also $698 in the same zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Property Tax Assessment Values Across Walnut Grove, Mississippi
Source: Ownwell
$31,120
$81,090
$131,060
Average Walnut Grove Assessed Value
$74,125
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 Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | $14,240 | $30,610 | $74,125 | $117,902 | $204,570 |
Source: Ownwell
Property Tax Bills Across Walnut Grove, Mississippi
In Walnut Grove, located in Scott County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The tax rate applied to this assessed value determines the final tax bill. Key factors influencing the tax bill include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For homeowners, this means that the higher the assessed value of their property, the higher their tax bill will be. In Walnut Grove, the median home price is $74,125. Tax bills can vary significantly, with the 25th percentile at $284 and the 75th percentile at $1,335. At the 90th percentile, tax bills can reach up to $2,289. The highest median tax bill in the area is $698, which is consistent across the zip code 39189. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessed values impact their annual property tax obligations.
Average Walnut Grove Tax Bill
$698
Average Scott County Tax Bill
$504
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Grove, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39189 | $139 | $284 | $698 | $1,335 | $2,289 |
Source: Ownwell