Corinth, Mississippi Property Taxes
The median property tax rate in Corinth, MS is 0.37%, significantly lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Corinth at $60,580, the typical annual property tax bill is $219, far below the national median of $2,690. Property taxes in Corinth are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Corinth'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 Corinth 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
Corinth, 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 Corinth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corinth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corinth 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 Corinth, Mississippi
Property taxes in Corinth, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corinth is 0.37%, significantly lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Corinth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corinth 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 Corinth's effective property tax rate to other counties in Mississippi and the national median. For comparison, the highest median property tax rate in Mississippi is found in Tishomingo County, which has a tax rate of 0.37%. Understanding how these cities compare with Corinth provides valuable insights into the varying tax landscape across Alcorn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corinth Tax Rate
0.37%
Average Tishomingo County Tax Rate
0.89%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | 0.17% | 0.24% | 0.37% | 0.49% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Corinth, Mississippi
In Corinth, 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 Tishomingo 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 in Corinth 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 Corinth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $219, found in the 38834 zip code.
Average Corinth Assessed Value
$60,580
Average Tishomingo County Assessed Value
$60,500
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | $59,572 | $59,950 | $60,580 | $61,210 | $61,588 |
Source: Ownwell
Property Tax Bills Across Corinth, Mississippi
In Corinth, located in Tishomingo County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the home's market value, often reflecting the property's worth in the current real estate market. The median home price in Corinth is $60,580, and property taxes are applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Corinth can expect a tax bill ranging from $146 at the 25th percentile to $336 at the 90th percentile. The median tax bill stands at $219, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Corinth, positively impacting household budgets and potentially increasing disposable income for residents.
Average Corinth Tax Bill
$219
Average Tishomingo County Tax Bill
$531
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Corinth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38834 | $102 | $146 | $219 | $292 | $336 |
Source: Ownwell