Falkner, Mississippi Property Taxes
The median property tax rate in Falkner, MS is 1.26%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With a median home value of $49,930, the typical annual property tax bill in Falkner amounts to $622, which is significantly lower than the national median of $2,690. Property taxes in Falkner are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Falkner'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 Falkner 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
Falkner, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$629
Ownwell’s Falkner Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Falkner with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Falkner 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 Falkner, Mississippi
Property taxes in Falkner, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falkner is 0.52%, which is significantly lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Falkner set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falkner 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. Understanding how Falkner's effective property tax rate compares to other regions in Mississippi and the national median 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 Falkner Tax Rate
1.26%
Average Tippah County Tax Rate
1.38%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | 0.41% | 1.06% | 1.26% | 2.22% | 2.39% |
Source: Ownwell
Property Tax Assessment Values Across Falkner, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Falkner, Mississippi. 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. In Falkner, 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 Falkner helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the zip code 38629 has the highest median tax bill at $622, highlighting the importance of understanding these values.
Average Falkner Assessed Value
$49,930
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 Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | $9,084 | $25,198 | $49,930 | $83,330 | $117,400 |
Source: Ownwell
Property Tax Bills Across Falkner, Mississippi
In Falkner, located in Tippah County, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, market trends, and local government budgets influence the assessed value and, consequently, the tax bill. For Falkner homeowners, the tax bill can vary significantly. The 25th percentile tax bill is $261, while the 75th percentile rises to $1,194, and the 90th percentile reaches $1,828. These figures indicate a wide range of property values and tax responsibilities within the community. The highest and lowest median tax bills in the area are both $622, reflecting some consistency in taxation across different properties. Compared to the national median property tax rate of 0.99%, Falkner's property tax rates offer a unique perspective on local taxation, impacting homeowners' financial planning and investment decisions.
Average Falkner Tax Bill
$622
Average Tippah County Tax Bill
$673
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Falkner, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38629 | $116 | $261 | $622 | $1,194 | $1,828 |
Source: Ownwell