Forest, Smith County, Mississippi Property Taxes
The median property tax rate in Forest, MS is 0.75%, which is notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $67,620 in Forest, the typical annual property tax bill amounts to $514, significantly less than the national median of $2,690. Property taxes in Forest are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Forest'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 Forest or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forest, Smith County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$507
$471
Ownwell’s Forest Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forest with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forest 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 Forest, Smith County, Mississippi
Property taxes in Forest, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forest is 0.88%, slightly lower than the Mississippi state median of 0.89% and the U.S. national median of 0.99%. Local government entities within Forest set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forest 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 Forest's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39074 has the highest median property tax rate of 0.88%, while the same zip code also has the lowest median tax rate of 0.88%. Understanding how these cities compare with Forest 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 Forest Tax Rate
0.75%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forest, Smith County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | 0.31% | 0.62% | 0.75% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Forest, Smith County, Mississippi
In Forest, 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 Smith 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 Forest, 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 Forest helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Forest is $514.00 in the 39074 zip code, while the lowest median tax bill is also $514.00 in the 39074 zip code.
Property Tax Assessment Values Across Forest, Smith County, Mississippi
Source: Ownwell
$45,975
$81,590
$117,205
Average Forest Assessed Value
$67,620
Average Smith County Assessed Value
$63,970
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forest, Smith County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | $17,292 | $35,580 | $67,620 | $105,590 | $163,732 |
Source: Ownwell
Property Tax Bills Across Forest, Smith County, Mississippi
In Forest, located in Smith County, MS, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Forest is $67,620, and the property tax rate is applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile pay around $284 in property taxes, while those in the 75th percentile see bills closer to $944. At the 90th percentile, tax bills can reach $1,748. Several factors influence these tax bills, including the property's location, size, and market conditions. Compared to the national median property tax rate of 0.99%, Forest's property tax rates are relatively moderate, making it an attractive option for homeowners seeking affordability. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must consider these taxes in their overall housing costs to manage their finances effectively.
Average Forest Tax Bill
$514
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Forest, Smith County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39074 | $132 | $284 | $514 | $944 | $1,748 |
Source: Ownwell