Mize, Mississippi Property Taxes
The median property tax rate in Mize, MS is 0.80%, significantly lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Mize, the typical annual property tax bill is $583, well below the national median of $2,690. Property taxes in Mize are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mize'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 Mize or another part of Smith County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mize, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$548
$508
Ownwell’s Mize Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mize with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mize 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 Mize, Mississippi
Property taxes in Mize, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mize is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Mize set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mize 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 Mize's effective property tax rate to the national median. For comparison, the zip code 39116 has the same median property tax rate of 0.80%. Understanding how these areas compare with Mize 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 Mize Tax Rate
0.80%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mize, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39116 | 0.32% | 0.62% | 0.80% | 1.54% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Mize, Mississippi
In Mize, Mississippi, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents 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. Assessment notices in Mize 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 example, Mize has a median home price of $68,475, with tax bills ranging from $305 at the 25th percentile to $1,716 at the 90th percentile. The highest and lowest median tax bills in the area are both $583, found in the 39116 zip code. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Mize Assessed Value
$68,475
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 Mize, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39116 | $20,725 | $39,098 | $68,475 | $112,480 | $183,440 |
Source: Ownwell
Property Tax Bills Across Mize, Mississippi
In Mize, located in Smith County, MS, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Mize is $68,475. Property taxes are calculated by applying the local tax rate to the assessed value. The assessed value is typically a fraction of the market value, and this fraction varies by jurisdiction. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile tax bill in Mize is $305, while the 75th percentile tax bill is $1,079. The 90th percentile tax bill can go up to $1,716. These figures show the range of what homeowners might expect to pay, depending on their property's assessed value and any qualifying exemptions. Compared to the national median property tax rate of 0.99%, Mize's property tax rates provide a relatively affordable option for homeowners, impacting their overall cost of living and financial planning.
Average Mize Tax Bill
$583
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mize, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39116 | $155 | $305 | $583 | $1,079 | $1,716 |
Source: Ownwell