Florence, Mississippi Property Taxes
The median property tax rate in Florence, MS is 0.89%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $53,690 in Florence, the typical annual property tax bill amounts to $403, significantly below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Florence's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Florence or another part of Simpson County, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$478
$443
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Mississippi
Property taxes in Florence, Mississippi, play an essential role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.89%, which is slightly below the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39073 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Florence provides valuable insights into the varying tax landscape across Simpson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
0.89%
Average Simpson County Tax Rate
0.99%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | 0.35% | 0.69% | 0.89% | 1.64% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Mississippi
In Florence, 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 Simpson 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 Florence, 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 Florence 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 $403, found in the 39073 zip code.
Average Florence Assessed Value
$53,690
Average Simpson County Assessed Value
$52,820
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | $12,784 | $22,628 | $53,690 | $85,722 | $148,570 |
Source: Ownwell
Property Tax Bills Across Florence, Mississippi
In Florence, Simpson County, MS, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the property's market value, which is then multiplied by the tax rate to calculate the annual tax bill. For instance, with a median home price of $53,690, homeowners can expect varying tax bills based on specific factors such as property location, size, and any applicable exemptions. The tax bill for the 25th percentile is around $213, while those in the 75th percentile pay about $899. At the higher end, the 90th percentile tax bill reaches approximately $1,473. These figures indicate a range of property tax burdens, reflecting differences in property values and potential exemptions. Homeowners in Florence should be aware of these factors as they significantly impact the overall cost of owning property. Compared to the national median property tax rate of 0.99%, Florence offers relatively lower property tax rates, making it an appealing location for homeowners.
Average Florence Tax Bill
$403
Average Simpson County Tax Bill
$510
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39073 | $100 | $213 | $403 | $899 | $1,473 |
Source: Ownwell