Kokomo, Walthall County, Mississippi Property Taxes
The median property tax rate in Kokomo, MS is 1.01%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $81,345 in Kokomo, the typical annual property tax bill amounts to $787, which is significantly below the national median of $2,690. Property taxes in Kokomo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Kokomo'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 Kokomo or another part of Walthall County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kokomo, Walthall County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$822
$762
Ownwell’s Kokomo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kokomo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kokomo 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 Kokomo, Walthall County, Mississippi
Property taxes in Kokomo, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Kokomo is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Kokomo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kokomo 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 Kokomo's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39643 zip code has the highest median property tax rate of 1.01%, while the same 39643 zip code has the lowest median tax rate of 1.01%. Understanding how these cities compare with Kokomo provides valuable insights into the varying tax landscape across Walthall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kokomo Tax Rate
1.01%
Average Walthall County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kokomo, Walthall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | 0.15% | 0.64% | 1.01% | 1.91% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Kokomo, Walthall County, Mississippi
In Kokomo, 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 Walthall 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 Kokomo, 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 Kokomo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 39643, with a median tax bill of $787.
Property Tax Assessment Values Across Kokomo, Walthall County, Mississippi
Source: Ownwell
$58,650
$69,998
$81,345
Average Kokomo Assessed Value
$81,345
Average Walthall County Assessed Value
$59,600
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kokomo, Walthall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | $33,125 | $55,068 | $81,345 | $107,378 | $148,274 |
Source: Ownwell
Property Tax Bills Across Kokomo, Walthall County, Mississippi
In Kokomo, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Kokomo is $81,345. Homeowners can expect their tax bills to vary, with the 25th percentile paying around $240 and the 75th percentile paying up to $1,335. The 90th percentile sees tax bills reaching approximately $1,777, reflecting higher property values or additional assessments. The tax rate in this region is influenced by local government budgets and public service needs, which can include funding for schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Kokomo's rates can be more favorable, potentially offering a more affordable option for homeowners. However, the exact impact on each homeowner depends on the assessed value of their property and any applicable exemptions or deductions. Understanding these factors can help homeowners in Kokomo better anticipate their annual property tax obligations.
Average Kokomo Tax Bill
$787
Average Walthall County Tax Bill
$680
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Kokomo, Walthall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39643 | $77 | $240 | $787 | $1,335 | $1,777 |
Source: Ownwell