Hickory Flat, Mississippi Property Taxes
The median property tax rate in Hickory Flat, MS is 0.86%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $35,655 in Hickory Flat, the typical annual property tax bill is $327, significantly below the national median of $2,690. Property taxes in Hickory Flat are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hickory Flat's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hickory Flat or another part of Union County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hickory Flat, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$307
$285
Ownwell’s Hickory Flat Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Flat with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Flat 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 Hickory Flat, Mississippi
Property taxes in Hickory Flat, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Flat is 0.39%, significantly lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Hickory Flat set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Flat 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 Hickory Flat's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38633 zip code has the highest median property tax rate of 0.39%, while the lowest median tax rate is also 0.39%. Understanding how these cities compare with Hickory Flat provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hickory Flat Tax Rate
0.86%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Flat, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | 0.56% | 0.65% | 0.86% | 1.57% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Flat, Mississippi
In Hickory Flat, 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 Union 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 Hickory Flat, 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 Hickory Flat helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hickory Flat is $35,655, with tax bills ranging from $141 at the 25th percentile to $1,081 at the 90th percentile. The highest and lowest median tax bills are both $327 in the zip code 38633.
Average Hickory Flat Assessed Value
$35,655
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hickory Flat, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | $8,690 | $15,478 | $35,655 | $78,372 | $131,259 |
Source: Ownwell
Property Tax Bills Across Hickory Flat, Mississippi
In Hickory Flat, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $35,655, the assessed value is determined by local assessment rates. Once the assessed value is established, the local tax rate, also known as the mill rate, is applied to calculate the property tax bill. Several factors influence the final tax bill, including property location, home improvements, and exemptions for which the homeowner may qualify. In Hickory Flat, the tax bill varies significantly. For example, the 25th percentile tax bill is $141, while the 75th percentile reaches $678. The 90th percentile tax bill can be as high as $1,081. These variations reflect differences in property values and applicable exemptions. Homeowners in Hickory Flat may find their property tax bills lower than the national median property tax rate of 0.99%, given the relatively low median home prices in the area. This can make homeownership more affordable, but it's crucial for homeowners to stay informed about local tax rates and assessment practices to manage their expenses effectively.
Average Hickory Flat Tax Bill
$327
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Flat, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38633 | $68 | $141 | $327 | $678 | $1,081 |
Source: Ownwell