Hernando, Tate County, Mississippi Property Taxes
The median property tax rate in Hernando, MS is 1.33%, slightly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Hernando at $79,092, the typical annual property tax bill reaches $939, which is significantly lower than the national median of $2,690. Property taxes in Hernando are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hernando'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 Hernando 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
Hernando, Tate County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.33%
Estimate Property Tax Bill
$1,052
$976
Ownwell’s Hernando Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hernando with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hernando to provide an estimated property tax bill. This valuable resource helps you understand potential tax liabilities. For those interested in more detailed insights, you can explore trends on a neighborhood level by scrolling down for localized information. Your property's assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hernando, Tate County, Mississippi
Property taxes in Hernando, Mississippi, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Hernando is 1.33%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Hernando set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hernando 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 Hernando's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38632 zip code has the highest median property tax rate of 1.33%, while the same zip code also has the lowest median tax rate of 1.33%. Understanding how these cities compare with Hernando provides valuable insights into the varying tax landscape across Tate County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hernando Tax Rate
1.33%
Average Tate County Tax Rate
1.33%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hernando, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | 0.95% | 1.03% | 1.33% | 1.51% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Hernando, Tate County, Mississippi
In Hernando, 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 Tate 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 Hernando, 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 Hernando 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 38632 at $939.00, and the same zip code also has the lowest median tax bill at $939.00.
Property Tax Assessment Values Across Hernando, Tate County, Mississippi
Source: Ownwell
$57,944
$76,743
$95,541
Average Hernando Assessed Value
$79,092
Average Tate County Assessed Value
$82,683
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hernando, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | $18,387 | $29,858 | $79,092 | $94,216 | $149,645 |
Source: Ownwell
Property Tax Bills Across Hernando, Tate County, Mississippi
In Hernando, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. For homeowners in Hernando, the median home price is $79,092. Property tax bills vary, with the 25th percentile at $531 and the 75th percentile at $1,261. The 90th percentile tax bill reaches $1,690, indicating a range of tax burdens depending on property values and other factors. The highest and lowest median tax bills in the region are both $939, specific to the 38632 zip code. With a national median property tax rate of 0.99%, homeowners in Hernando may find their tax rates comparable or slightly lower, depending on local assessments and rates. These property taxes fund essential public services, impacting community infrastructure and quality of life.
Average Hernando Tax Bill
$939
Average Tate County Tax Bill
$994
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hernando, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38632 | $252 | $531 | $939 | $1,261 | $1,690 |
Source: Ownwell