Louin, Mississippi Property Taxes
The median property tax rate in Louin, MS is 0.83%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $51,930 in Louin, the typical annual property tax bill is $445, significantly below the national median of $2,690. Property taxes in Louin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Louin'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 Louin or another part of Smith County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Louin, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$431
Ownwell’s Louin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louin 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 Louin, Mississippi
Property taxes in Louin, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louin is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Louin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louin 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 Louin's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39338 zip code has the highest median property tax rate of 0.83%, while the 39338 zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Louin provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louin Tax Rate
0.83%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louin, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39338 | 0.35% | 0.62% | 0.83% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Louin, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Louin, Mississippi. 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 Assessor 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 Louin, 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. For instance, homeowners in the 39338 zip code see the highest median tax bill at $445, while those in the same zip code also see the lowest median tax bill at $445. 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 Louin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Louin Assessed Value
$51,930
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 Louin, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39338 | $14,775 | $28,665 | $51,930 | $85,018 | $127,333 |
Source: Ownwell
Property Tax Bills Across Louin, Mississippi
In Louin, MS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Louin is $51,930. Property taxes are determined by applying the local tax rate to this assessed value. Homeowners in Louin typically see a range in their tax bills, with the 25th percentile at $258 and the 75th percentile reaching $806. At the 90th percentile, tax bills can go up to $1,289. These tax bills directly impact homeowners by contributing to public services such as schools, infrastructure, and emergency services. The median tax bill in the area stands at $445, which is relatively low compared to the national median property tax rate of 0.99%. This means that while property taxes in Louin are a necessary expense, they are generally more affordable than in many other parts of the country, making it a potentially attractive location for homeowners looking for lower tax burdens.
Average Louin Tax Bill
$445
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Louin, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39338 | $135 | $258 | $445 | $806 | $1,289 |
Source: Ownwell