Sumner, Mississippi Property Taxes
The median property tax rate in Sumner, Mississippi is 0.92%, 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 $49,477 in Sumner, the typical annual property tax bill is $564, significantly below the national median of $2,690. Property taxes in Sumner are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Sumner'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 Sumner or another part of Tallahatchie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sumner, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Sumner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sumner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sumner 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 Sumner, Mississippi
Property taxes in Sumner, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sumner is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Sumner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sumner 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 Sumner's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38957 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Sumner provides valuable insights into the varying tax landscape across Tallahatchie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sumner Tax Rate
0.92%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sumner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38957 | 0.33% | 0.73% | 0.92% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Sumner, Mississippi
In Sumner, 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 Tallahatchie 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 Sumner, 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 Sumner 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 38957, with a tax bill of $564, while the lowest median tax bill is also $564 in the same zip code.
Average Sumner Assessed Value
$49,477
Average Tallahatchie County Assessed Value
$42,376
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sumner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38957 | $6,932 | $27,698 | $49,477 | $89,219 | $146,429 |
Source: Ownwell
Property Tax Bills Across Sumner, Mississippi
In Sumner, Tallahatchie County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Sumner, the median home price is $49,477. The tax bill can vary significantly, with the 25th percentile tax bill at $240 and the 75th percentile reaching $1,143. The highest median tax bill in the area is $564, which is relatively low compared to the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners, affecting their annual budgets and long-term financial planning. The property tax rate and assessed value determination ensure that the tax burden is distributed fairly, although it can still represent a considerable expense for homeowners.
Average Sumner Tax Bill
$564
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Sumner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38957 | $51 | $240 | $564 | $1,143 | $1,684 |
Source: Ownwell