Tishomingo County Property Tax Rates
The tax rates for Tishomingo County, Mississippi, are listed in the table below in terms of tax and rate per 100$ of assessed value:
| Tax | Rate per 100$ of assessed value |
|---|---|
| County General Fund | 0.43 |
| County School District | 1.63 |
| County Road and Bridge Fund | 0.94 |
| County Solid Waste Tax | 0.29 |
| Total | 3.29 |
It is important for property owners in Tishomingo County to be aware of these tax rates and factor them into their financial planning.
Example of Tishomingo County Property Tax Calculation
Tishomingo County's property tax is calculated based on the assessed value of the property. The assessed value is determined by multiplying the property's market value by the assessment ratio, which is 10% for residential properties and 15% for commercial properties.
For example, if a residential property in Tishomingo County has a market value of $100,000, its assessed value would be $10,000 ($100,000 x 10%).
To calculate the property tax, the assessed value is multiplied by the millage rate, which is set by the county government. For Tishomingo County, the millage rate is 147.73 mills.
Using the example above, the property tax for this residential property would be $1,477.30 ($10,000 x 0.14773).
It's important to note that Tishomingo County offers various exemptions and credits for eligible homeowners, which can lower their property tax bill. These include the Homestead Exemption, the Senior Citizen Exemption, and the Disability Exemption.
If you want appeal your property tax assessment - contact your local tax assessor.
Who sets property tax rates in Tishomingo County ?
In Tishomingo County, property tax rates are set by the Tishomingo County Board of Supervisors. They are responsible for determining the amount of property tax that will be levied each year. The rates are typically set during the budgeting process, which takes place annually. The property tax rates are based on the assessed value of the property and are used to fund local government services such as education, public safety, and infrastructure. Property owners in Tishomingo County can expect to receive their annual property tax bill in the mail.
When is Tishomingo County Property Tax due ?
Tishomingo County Property Tax is typically due on or before February 1st of each year. Property owners in Tishomingo County can pay their property tax through various methods such as:
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In-person: Property owners can visit the Tishomingo County Tax Collector's office and pay their property tax in person via check, cash or money order.
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By mail: Property owners can mail their payment via check or money order to the Tishomingo County Tax Collector's Office. The mailing address is available on the tax bill.
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Online: Property owners can pay their property tax online through the Tishomingo County Tax Collector's website using a credit or debit card. An additional convenience fee may be charged for online payments.
It's important to note that failure to pay property tax by the due date can result in penalties and interest charges. Property owners should contact the Tishomingo County Tax Collector's office for any questions or concerns regarding property tax payments.
If you have more questions - contact your local tax collector.
Homestead exemptions in Tishomingo County ?
Here's a table that lists all the Homestead exemptions and deductions in Tishomingo County, Mississippi, along with their corresponding eligibility requirements, exemption amounts, and additional notes:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead exemption | Primary residence owner-occupants | Up to $7,500 | Must be a legal resident of Mississippi and own and occupy the property on January 1st of the tax year |
| Additional exemption for disabled veterans | Honorably discharged veterans with a service-related disability | Up to $7,500 | Must be rated as 100% disabled by the Veterans Administration or the military |
| Additional exemption for surviving spouses of military personnel | Surviving spouses of military personnel who died in the line of duty | Up to $7,500 | Must be a legal resident of Mississippi and own and occupy the property on January 1st of the tax year |
| Additional exemption for elderly and disabled residents | Elderly or disabled residents with a limited income | Up to $7,500 | Must be 65 years or older, or totally and permanently disabled, and have an adjusted gross income of less than $40,000 |
| Agricultural land exemption | Agricultural landowners | Up to 75% of the assessed value | Must be actively engaged in farming or timber production |
| Conservation use exemption | Landowners with conservation easements | Up to 75% of the assessed value | Must have a conservation easement in place to protect the land from development |
It's important to note that eligibility requirements and exemption amounts may vary by county and state, so it's always a good idea to check with your local tax assessor's office for the most up-to-date information.
How is Tishomingo County Property Tax penalty calculated ?
Tishomingo County Property Tax penalty is calculated based on several factors, including the amount of the unpaid tax, the length of time it has been unpaid, and the state's interest rate. Here is an example:
Suppose John owns a property in Tishomingo County and owes $1,000 in property taxes. He fails to make the payment by the deadline, which is typically December 31st of each year. The penalty for late payment would be calculated as follows:
- Unpaid Tax: $1,000
- Penalty Calculation:
- January 1st: 1% penalty ($10)
- February 1st: additional 1% penalty ($10)
- March 1st: additional 1% penalty ($10)
- April 1st: additional 1% penalty ($10)
- May 1st: additional 1% penalty ($10)
- June 1st: additional 1% penalty ($10)
- July 1st: additional 1% penalty ($10)
- August 1st: additional 1% penalty ($10)
- September 1st: additional 1% penalty ($10)
- October 1st: additional 1% penalty ($10)
- November 1st: additional 1% penalty ($10)
- December 1st: additional 1% penalty ($10)
- Total Penalty: $120
- Interest Calculation:
- The state of Mississippi interest rate is currently 1.5% per month.
- January 1st to December 31st: 18% interest ($180)
- Total Amount Due: $1,300
So, in this example, John would owe a total of $1,300, which includes the original tax amount, penalties, and interest. It's essential to note that property tax penalties and interest rates may vary by state and county, and it's crucial to understand the payment deadlines to avoid incurring additional charges.
We recommend contacting the Tishomingo County Tax Office or a local tax professional for the most up-to-date and accurate information.