Booneville, Mississippi Property Taxes
The median property tax rate in Booneville, MS is 1.34%, slightly above both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Booneville at $50,545, the typical annual property tax bill is $584, which is significantly lower than the national median of $2,690. Property taxes in Booneville are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Booneville'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 Booneville or another part of Tippah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Booneville, 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 Booneville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Booneville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Booneville 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 Booneville, Mississippi
Property taxes in Booneville, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Booneville is 1.34%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Booneville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Booneville 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 Booneville's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38829 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Booneville provides valuable insights into the varying tax landscape across Tippah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Booneville Tax Rate
1.34%
Average Tippah County Tax Rate
1.38%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Booneville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38829 | 0.74% | 1.11% | 1.34% | 2.32% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Booneville, Mississippi
In Booneville, 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 Tippah 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. 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. Booneville's median home price is $50,545, with tax bills ranging from $283 at the 25th percentile to $2,003 at the 90th percentile. The zip code 38829 has both the highest and lowest median tax bill at $584. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Booneville Assessed Value
$50,545
Average Tippah County Assessed Value
$46,380
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Booneville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38829 | $11,583 | $23,102 | $50,545 | $77,240 | $110,731 |
Source: Ownwell
Property Tax Bills Across Booneville, Mississippi
In Booneville, property tax bills are determined based on the assessed value of a homeowner's property. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value. For instance, the median home price in Booneville is $50,545, and property tax rates are applied to this assessed value to calculate the tax bill. Homeowners in Booneville experience varying tax bills; the 25th percentile tax bill is approximately $283, while the 75th percentile reaches about $1,308. The highest median tax bill recorded in the area is $584. These tax bills can have a significant impact on homeowners, influencing their annual budgeting and overall financial planning. Compared to the national median property tax rate of 0.99%, Booneville's rates and resulting tax bills provide a relatively moderate financial burden, making it a more affordable option for property owners.
Average Booneville Tax Bill
$584
Average Tippah County Tax Bill
$673
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Booneville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38829 | $121 | $283 | $584 | $1,308 | $2,003 |
Source: Ownwell