Shelby, Mississippi Property Taxes
The median property tax rate in Shelby, MS is 1.85%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Shelby, the typical annual property tax bill reaches $1,838, which is below the national median of $2,690. Property taxes in Shelby 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 Shelby'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 Shelby 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
Shelby, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.85%
Estimate Property Tax Bill
$1,814
$1,683
Ownwell’s Shelby Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Shelby with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Shelby to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, scroll down to find localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Shelby, Mississippi
Property taxes in Shelby, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shelby is 0.78%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Shelby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shelby 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 Shelby's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38774 zip code has the highest median property tax rate of 1.85%, while the same zip code also has the lowest median tax rate of 1.85%. Understanding how these cities compare with Shelby provides valuable insights into the varying tax landscape across Sunflower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Shelby Tax Rate
1.85%
Average Sunflower County Tax Rate
1.85%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shelby, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38774 | 0.42% | 0.96% | 1.85% | 1.86% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Shelby, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Shelby, 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 local 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 Shelby 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. For instance, the median home price in Shelby is $98,052, with tax bills ranging from $945 at the 25th percentile to $2,657 at the 90th percentile. The highest and lowest median tax bills are both $1,838, found in zip code 38774. Being aware of these valuation processes in Shelby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Shelby Assessed Value
$98,052
Average Sunflower County Assessed Value
$50,210
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Shelby, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38774 | $81,294 | $87,578 | $98,052 | $126,400 | $143,409 |
Source: Ownwell
Property Tax Bills Across Shelby, Mississippi
In Shelby, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property. For instance, if a home in Shelby has a market value of $98,052, the assessed value might be a fraction of this amount, determined by local assessment rules. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Sunflower County, any applicable exemptions, and the specific tax rates set by local authorities. Homeowners in Shelby can expect tax bills to vary significantly. For example, the tax bill at the 25th percentile is $945, while at the 75th percentile, it rises to $2,349. The highest median tax bill in the area is $1,838. These taxes fund essential community services such as schools, emergency services, and infrastructure, directly impacting the quality of life for Shelby residents.
Average Shelby Tax Bill
$1,838
Average Sunflower County Tax Bill
$885
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Shelby, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38774 | $410 | $945 | $1,838 | $2,349 | $2,657 |
Source: Ownwell