Lake, Mississippi Property Taxes
The median property tax rate in Lake, MS is 1.54%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Lake, the typical annual property tax bill reaches $669, which is significantly lower than the national median of $2,690. Property taxes in Lake are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the 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, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$708
Ownwell’s LAKE Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to 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 Smith County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake, 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 0.73%, significantly lower than both the Mississippi state median of 0.81% 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 0.73%, while the same 39092 zip code also has the lowest median tax rate of 0.73%. 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
1.54%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | 0.76% | 0.87% | 1.54% | 1.54% | 2.02% |
Source: Ownwell
Property Tax Assessment Values Across Lake, 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 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 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 median tax bill in LAKE is $669 in the 39092 zip code, while the lowest is also $669 in the same zip code.
Average Lake Assessed Value
$45,975
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 Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $24,646 | $33,835 | $45,975 | $110,225 | $146,987 |
Source: Ownwell
Property Tax Bills Across Lake, Mississippi
In the city of Lake, located in Smith County, MS, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the county's property assessor, who evaluates the property's market value and then applies an assessment ratio. This ratio is typically a percentage of the market value, which varies by jurisdiction. Homeowners in Lake can expect property tax bills that fall within a range, with the 25th percentile at $502 and the 75th percentile at $1079. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the highest median tax bill in the area is $669, found in the zip code 39092. This figure is below the national median property tax rate of 0.99%, making it relatively affordable for homeowners in Lake. These property tax bills can significantly impact homeowners by affecting their annual housing costs. Lower tax rates can make homeownership more accessible, while higher rates may add a financial burden.
Average Lake Tax Bill
$669
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39092 | $282 | $502 | $669 | $1,079 | $1,796 |
Source: Ownwell