Preston, Winston County, Mississippi Property Taxes
The median property tax rate in Preston, MS is 0.66%, notably lower than both the national median of 0.99% and Mississippi's state median of 1.31%. With the median home value in Preston, the typical annual property tax bill amounts to $402, significantly below the national median of $2,690. Property taxes in Preston 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 Preston'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 Preston 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
Preston, Winston County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$392
$364
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Winston County, Mississippi
Property taxes in Preston, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 0.66%, which is lower than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39354 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Winston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
0.66%
Average Winston County Tax Rate
0.66%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Winston County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | 0.41% | 0.65% | 0.66% | 0.88% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Winston County, Mississippi
In Preston, 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 Winston 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 Preston 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 Preston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Preston is $402 in the 39354 zip code, which is also the lowest median tax bill.
Property Tax Assessment Values Across Preston, Winston County, Mississippi
Source: Ownwell
$49,662
$72,056
$94,450
Average Preston Assessed Value
$59,399
Average Winston County Assessed Value
$66,478
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Winston County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | $14,962 | $34,104 | $59,399 | $93,714 | $151,810 |
Source: Ownwell
Property Tax Bills Across Preston, Winston County, Mississippi
In Preston, located in Winston County, 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 Preston is $59,399. Homeowners receive a tax bill that reflects this assessed value, adjusted for local tax rates. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. For instance, the property tax bill at the 25th percentile is $205, while at the 75th percentile, it reaches $729. The tax bill at the 90th percentile can go up to $1,319. These variations illustrate how different factors impact the overall tax obligation. In comparison to the national median property tax rate of 0.99%, Preston's property tax bills can be considered relatively moderate, providing some relief to homeowners. Understanding these factors helps homeowners anticipate their annual property tax expenses and manage their finances accordingly.
Average Preston Tax Bill
$402
Average Winston County Tax Bill
$387
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Winston County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39354 | $118 | $205 | $402 | $729 | $1,319 |
Source: Ownwell