Swan Lake, Mississippi Property Taxes
The median property tax rate in Swan Lake, MS is 0.93%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With a median home value of $80,815 in Swan Lake, the typical annual property tax bill comes to $611, well below the national median of $2,690. Property taxes in Swan Lake are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Swan Lake'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 Swan Lake 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
Swan Lake, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$752
Ownwell’s Swan Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Swan Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Swan Lake 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 Swan Lake, Mississippi
Property taxes in Swan Lake, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Swan Lake is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Swan Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Swan Lake 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 Swan Lake's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 38958 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Swan Lake 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 Swan Lake Tax Rate
0.93%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Swan Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38958 | 0.33% | 0.56% | 0.93% | 1.32% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Swan Lake, Mississippi
In SWAN LAKE, 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 SWAN LAKE, 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 SWAN LAKE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both occur in the 38958 zip code, with a median tax bill of $611.
Average Swan Lake Assessed Value
$80,815
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 Swan Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38958 | $46,736 | $63,249 | $80,815 | $99,260 | $117,355 |
Source: Ownwell
Property Tax Bills Across Swan Lake, Mississippi
In Swan Lake, located in Tallahatchie County, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, determined by the local tax assessor. Homeowners in Swan Lake see tax bills that vary significantly, with the 25th percentile tax bill at $388 and the 75th percentile reaching $908. The 90th percentile tax bill can go up to $1,086, indicating a considerable range in tax obligations. The median home price in Swan Lake is $80,815, which influences the tax bill directly. Compared to the national median property tax rate of 0.99%, Swan Lake's tax rates can be seen as relatively moderate. Factors such as property improvements, neighborhood changes, and local government budgets also play a role in determining the final tax bill. For homeowners, understanding these factors is crucial as they can significantly affect annual expenses, potentially impacting decisions on property investments and homeownership affordability.
Average Swan Lake Tax Bill
$611
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Swan Lake, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38958 | $254 | $388 | $611 | $908 | $1,086 |
Source: Ownwell