Oakland, Mississippi Property Taxes
The median property tax rate in Oakland, MS is 0.97%, slightly lower than the national median of 0.99% and significantly below the Mississippi state median of 1.31%. With a median home value of $38,866 in Oakland, the typical annual property tax bill amounts to $350, which is well below the national median of $2,690. Property taxes in Oakland are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Oakland'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 Oakland 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
Oakland, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$377
Ownwell’s Oakland Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Oakland with just two data inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Oakland to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax obligations. For those interested in neighborhood-level trends, more detailed information is available further down the page. Your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Oakland, Mississippi
Property taxes in Oakland, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 0.97%, slightly below the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38948 has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Oakland provides valuable insights into the varying tax landscape across Yalobusha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakland Tax Rate
0.97%
Average Yalobusha County Tax Rate
0.96%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | 0.52% | 0.74% | 0.97% | 1.76% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Mississippi
In Oakland, 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 Yalobusha 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38948 has both the highest and lowest median tax bill, standing at $350.
Average Oakland Assessed Value
$38,866
Average Yalobusha County Assessed Value
$47,647
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | $8,027 | $16,360 | $38,866 | $67,822 | $108,112 |
Source: Ownwell
Property Tax Bills Across Oakland, Mississippi
In Oakland, located in Yalobusha County, MS, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Oakland is $38,866. The local tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final tax amount, including property location, size, and any applicable exemptions. Homeowners in Oakland experience a range of property tax bills. At the 25th percentile, the tax bill is around $167, while at the 75th percentile, it rises to approximately $672. For those at the 90th percentile, it can reach up to $1,230. This variability means that property taxes can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Oakland Tax Bill
$350
Average Yalobusha County Tax Bill
$443
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38948 | $83 | $167 | $350 | $672 | $1,230 |
Source: Ownwell