Tishomingo, Mississippi Property Taxes
The median property tax rate in Tishomingo, MS is 0.77%, significantly lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Tishomingo, the typical annual property tax bill reaches $398, well below the national median of $2,690. Property taxes in Tishomingo 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 Tishomingo'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 Tishomingo 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
Tishomingo, 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 Tishomingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tishomingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tishomingo 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 Tishomingo, Mississippi
Property taxes in Tishomingo, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tishomingo is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within the city set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tishomingo 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 Tishomingo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38873 zip code has both the highest and lowest median property tax rate in the area at 0.77%. Understanding how these cities compare with Tishomingo provides valuable insights into the varying tax landscape across Tishomingo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tishomingo Tax Rate
0.77%
Average Tishomingo County Tax Rate
0.89%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tishomingo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38873 | 0.39% | 0.61% | 0.77% | 1.53% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Tishomingo, Mississippi
In Tishomingo, 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. In Tishomingo, 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. The median home price in Tishomingo is $46,970, with tax bills ranging from $213 at the 25th percentile to $1,014 at the 90th percentile. The highest and lowest median tax bills are both $398 in the 38873 zip code. 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 Tishomingo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tishomingo Assessed Value
$46,970
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 Tishomingo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38873 | $13,056 | $26,368 | $46,970 | $72,100 | $106,533 |
Source: Ownwell
Property Tax Bills Across Tishomingo, Mississippi
In Tishomingo, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tishomingo is $46,970. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners in Tishomingo, the tax bill can vary significantly. The 25th percentile tax bill is $213, while the 75th percentile tax bill rises to $661. At the 90th percentile, homeowners can expect to pay up to $1,014 annually. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparing these figures to the national median property tax rate of 0.99%, Tishomingo's tax bills can be seen as relatively moderate. Homeowners should be aware of how these taxes are calculated and budget accordingly to ensure they can meet these obligations while benefiting from the services funded by these taxes.
Average Tishomingo Tax Bill
$398
Average Tishomingo County Tax Bill
$531
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Tishomingo, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38873 | $117 | $213 | $398 | $661 | $1,014 |
Source: Ownwell