Senatobia, Tate County, Mississippi Property Taxes
The median property tax rate in Senatobia, MS is 1.37%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Senatobia, the typical annual property tax bill reaches $1,257, which is below the national median of $2,690. Property taxes in Senatobia 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 Senatobia'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 Senatobia 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
Senatobia, Tate County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$1,309
$1,215
Ownwell’s SENATOBIA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SENATOBIA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SENATOBIA 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 Senatobia, Tate County, Mississippi
Property taxes in Senatobia, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Senatobia is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Senatobia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Senatobia 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 Senatobia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38668 zip code has both the highest and lowest median property tax rate of 1.37%. Understanding how these cities compare with Senatobia 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 Senatobia Tax Rate
1.37%
Average Tate County Tax Rate
1.33%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Senatobia, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | 0.68% | 1.03% | 1.37% | 1.62% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Senatobia, Tate County, Mississippi
In SENATOBIA, 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 SENATOBIA, 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 SENATOBIA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38668 has the highest median tax bill at $1,257, which is also the lowest, highlighting the uniformity in the area’s property tax landscape.
Property Tax Assessment Values Across Senatobia, Tate County, Mississippi
Source: Ownwell
$57,944
$76,743
$95,541
Average Senatobia Assessed Value
$95,541
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 Senatobia, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | $41,069 | $63,717 | $95,541 | $153,366 | $205,126 |
Source: Ownwell
Property Tax Bills Across Senatobia, Tate County, Mississippi
In SENATOBIA, located in Tate County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $95,541, homeowners can expect varying tax bills depending on their specific property's assessed value and applicable exemptions. The tax bills in SENATOBIA range significantly, with the 25th percentile at $755 and the 75th percentile at $2,034, indicating a wide variation in property values and assessments. At the higher end, the 90th percentile tax bill reaches $3,011. The highest and lowest median tax bills in the area are both $1,257, reflecting uniformity in certain neighborhoods. Compared to the national median property tax rate of 0.99%, SENATOBIA's property tax bills can be relatively moderate, affecting homeowners' annual financial planning and long-term investment in their properties.
Average Senatobia Tax Bill
$1,257
Average Tate County Tax Bill
$994
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Senatobia, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38668 | $383 | $755 | $1,257 | $2,034 | $3,011 |
Source: Ownwell