Walnut, Mississippi Property Taxes
The median property tax rate in Walnut, MS is 1.36%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Walnut at $40,930, the typical annual property tax bill reaches $545, which is significantly lower than the national median of $2,690. Property taxes in Walnut 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 Walnut'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 Walnut 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
Walnut, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$557
Ownwell’s Walnut Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walnut with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walnut to provide an accurate property tax bill estimate. This tool is essential for understanding potential tax liabilities and planning your finances. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Walnut, Mississippi
Property taxes in Walnut, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut is 0.74%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Walnut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38683 zip code has the highest median property tax rate of 1.36%, while the same zip code also shows the lowest median tax rate of 1.36%. Understanding how these cities compare with Walnut 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 Walnut Tax Rate
1.36%
Average Tippah County Tax Rate
1.38%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | 0.53% | 1.10% | 1.36% | 2.32% | 2.41% |
Source: Ownwell
Property Tax Assessment Values Across Walnut, Mississippi
In Walnut, 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. In Walnut, 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. For instance, the median home price in Walnut is $40,930, with tax bills ranging from $221 at the 25th percentile to $1,599 at the 90th percentile. The highest and lowest median tax bills are both $545 in the 38683 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Walnut Assessed Value
$40,930
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 Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | $8,715 | $19,270 | $40,930 | $65,935 | $97,630 |
Source: Ownwell
Property Tax Bills Across Walnut, Mississippi
In Walnut, property tax bills are calculated based on the assessed value of homes, which is derived from the market value. The median home price in Walnut is $40,930. Property tax rates in Walnut are influenced by several factors, including the assessed value of the property and the local tax rate set by Tippah County. Homeowners in Walnut can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $221, while at the 75th percentile, it rises to $1,006. At the 90th percentile, homeowners might pay as much as $1,599. The highest and lowest median tax bills in the area are both recorded at $545 in the 38683 zip code. Compared to the national median property tax rate of 0.99%, Walnut's property tax rates can be considered relatively moderate. Understanding these factors is crucial for homeowners to anticipate their annual expenses and manage their budgets effectively.
Average Walnut Tax Bill
$545
Average Tippah County Tax Bill
$673
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38683 | $107 | $221 | $545 | $1,006 | $1,599 |
Source: Ownwell