Osyka, Mississippi Property Taxes
The median property tax rate in Osyka, MS is 1.00%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Osyka at $66,290, the typical annual property tax bill amounts to $746, which is below the national median of $2,690. Property taxes in Osyka 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 Osyka'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 Osyka 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
Osyka, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$663
$615
Ownwell’s Osayka Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osayka with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osayka 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 Osyka, Mississippi
Property taxes in Osyka, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osyka is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Osyka set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osyka 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 Osyka's effective property tax rate to other areas in Walthall County and the national median. For comparison, the zip code 39657 has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Osyka 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 regions.
Average Osyka Tax Rate
1.00%
Average Walthall County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | 0.48% | 0.88% | 1.00% | 1.91% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Osyka, Mississippi
In Osika, 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 Osika, 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 Osika helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Osika is $66,290, with tax bills ranging from $589 at the 25th percentile to $1,151 at the 90th percentile. The highest and lowest median tax bills are both $746 in the 39657 zip code.
Average Osyka Assessed Value
$66,290
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 Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | $30,210 | $52,642 | $66,290 | $83,082 | $108,556 |
Source: Ownwell
Property Tax Bills Across Osyka, Mississippi
In Osayka, located in Walthall County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $66,290, homeowners can expect to pay property taxes that fall within a range, depending on their specific circumstances. The 25th percentile tax bill is $589, while the 75th percentile reaches $1,011, and the 90th percentile rises to $1,151. These figures highlight how property taxes can vary significantly within the same area. Homeowners in Osayka should be aware of these variations as they can impact their overall financial planning. Compared to the national median property tax rate of 0.99%, the property tax rates in Osayka reflect the local economic conditions and funding needs of the community. Understanding these factors can help homeowners anticipate their property tax obligations more accurately.
Average Osyka Tax Bill
$746
Average Walthall County Tax Bill
$680
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Osyka, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39657 | $429 | $589 | $746 | $1,011 | $1,151 |
Source: Ownwell