Mc Henry, Mississippi Property Taxes
The median property tax rate in MC HENRY, MS is 1.19%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $67,230 in MC HENRY, the typical annual property tax bill amounts to $727, which is substantially below the national median of $2,690. Property taxes in MC HENRY are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a thorough understanding of MC HENRY's property tax system, exploring potential exemptions, and identifying opportunities for tax reductions can result in significant annual savings. Whether you're residing in MC HENRY or investing in real estate here, a deep dive into the local property tax framework can be highly beneficial for homeowners and investors alike.
Last Updated June 14, 2024
Mc Henry, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$800
$742
Ownwell’s MC Henry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC Henry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC Henry 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 Mc Henry, Mississippi
Property taxes in Mc Henry, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Henry is 1.19%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mc Henry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Henry 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 Mc Henry's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39561 has both the highest and lowest median property tax rate of 1.19%. Understanding how these cities compare with Mc Henry provides valuable insights into the varying tax landscape across Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Henry Tax Rate
1.19%
Average Stone County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Henry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39561 | 0.48% | 1.02% | 1.19% | 2.12% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Mc Henry, Mississippi
In Mc Henry, 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 Stone 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 Mc Henry, 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 Mc Henry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 39561 at $727, which is also the lowest median tax bill in the area.
Average Mc Henry Assessed Value
$67,230
Average Stone County Assessed Value
$56,928
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Henry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39561 | $10,000 | $22,078 | $67,230 | $103,405 | $134,128 |
Source: Ownwell
Property Tax Bills Across Mc Henry, Mississippi
In McHenry, Stone County, MS, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. Homeowners then apply the local tax rate to this assessed value to determine their annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. For example, the median home price in McHenry is $67,230, and tax bills can vary significantly. The 25th percentile tax bill is $277, while the 75th percentile reaches $1,321, and the 90th percentile stands at $1,923. These variations highlight how property characteristics and local tax rates impact homeowners differently. Compared to the national median property tax rate of 0.99%, McHenry's tax bills reflect a range of values that can significantly affect homeowners' annual expenses. Understanding these factors can help residents anticipate their financial obligations more accurately.
Average Mc Henry Tax Bill
$727
Average Stone County Tax Bill
$722
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Henry, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39561 | $145 | $277 | $727 | $1,321 | $1,923 |
Source: Ownwell