Tutwiler, Mississippi Property Taxes
The median property tax rate in Tutwiler, MS is 1.71%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Tutwiler, the typical annual property tax bill reaches $400, which is significantly lower than the national median of $2,690. Property taxes in Tutwiler 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 Tutwiler'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 Tutwiler 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
Tutwiler, 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 Tutwiler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tutwiler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tutwiler 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 Tutwiler, Mississippi
Property taxes in Tutwiler, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tutwiler is 1.71%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Tutwiler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tutwiler 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 Tutwiler's effective property tax rate to other areas in Mississippi and the national median. For comparison, the highest and lowest median property tax rates in Tallahatchie County are both 1.71%, matching Tutwiler's rate. Understanding how these cities compare with Tutwiler 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 Tutwiler Tax Rate
1.71%
Average Tallahatchie County Tax Rate
1.71%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tutwiler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38963 | 0.46% | 0.73% | 1.71% | 1.71% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Tutwiler, Mississippi
In Tutwiler, 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 Tutwiler, 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 Tutwiler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tutwiler are both $400, found in the 38963 zip code.
Average Tutwiler Assessed Value
$39,618
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 Tutwiler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38963 | $8,773 | $24,221 | $39,618 | $51,361 | $79,472 |
Source: Ownwell
Property Tax Bills Across Tutwiler, Mississippi
In Tutwiler, Tallahatchie County, MS, property tax bills are calculated based on the assessed value of a home. The assessed value is derived from the market value of the property, which is then multiplied by the local assessment ratio. For homeowners in Tutwiler, the median home price is $39,618. Property taxes are determined by applying the local tax rate to the assessed value. Homeowners can expect varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $191, while at the 75th percentile, it rises to $709. Those in the 90th percentile see tax bills around $1,101. Despite these variations, the median tax bill in Tutwiler is notably lower than the national median property tax rate of 0.99%, reflecting the region's generally lower property values. This calculation method ensures that property taxes are proportionate to the value of each home, affecting homeowners differently based on their property's assessed worth.
Average Tutwiler Tax Bill
$400
Average Tallahatchie County Tax Bill
$479
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tutwiler, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38963 | $61 | $191 | $400 | $709 | $1,101 |
Source: Ownwell