Lake Cormorant, Desoto County, Mississippi Property Taxes
Median LAKE CORMORANT, MS effective property tax rate: 1.01%, slightly lower than the national median of 1.02%, but lower than the Mississippi state median of 1.31%.
Median LAKE CORMORANT, MS home value: $45,383
Median annual LAKE CORMORANT, MS tax bill: $425, $1,975 lower than the national median property tax bill of $2,400.
How are property taxes in DeSoto calculated?
Property taxes in LAKE CORMORANT, MS are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding LAKE CORMORANT’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in LAKE CORMORANT, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Lake Cormorant, Desoto County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.01%
Estimate Property Tax Bill
$414
$384
Property Tax Rates Across Lake Cormorant, Desoto County, Mississippi
Local government entities determine property tax rates, which can vary significantly within a state. This variation is due to the annual process where each county estimates its budget needs to provide essential services and divides that by the total assessed value of all taxable property within its borders. This calculation establishes the property tax rate. Though voting and legal measures are part of the process, this is essentially how it works each year.
In Lake Cormorant, located in DeSoto County, the effective property tax rate reflects this process. When compared to other cities in Mississippi and the national median, Lake Cormorant's property tax rate offers insights into the financial landscape of the area. With a median property tax rate of 1.01%, it is slightly below the national median of 1.02%. This comparison can help property owners understand how their tax obligations stack up against other regions and make informed decisions about property investments and appeals.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Lake Cormorant Tax Rate
1.01%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Desoto County Tax Rate
2.05%
Median Effective Mississippi Tax Rate
1.35%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Lake Cormorant, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | 0.60% | 1.00% | 1.01% | 1.50% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Lake Cormorant, Desoto County, Mississippi
When examining property taxes in Lake Cormorant, MS, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The DeSoto County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In DeSoto County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lake Cormorant. For example, the median home price in Lake Cormorant is $45,383, with tax bills ranging significantly across the county. Zip code 38641 has the highest median home price at $45,383.
Property Tax Assessment Values Across Lake Cormorant, Desoto County, Mississippi
Source: Ownwell
$30,000
$83,769
$137,537
Median Lake Cormorant Market Value
$40,950
Median Desoto County Market Value
$70,702
Median Mississippi Market Value
$70,930
Median United States Market Value
$235,294
Property Tax Assessment Values Across Lake Cormorant, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | $20,390 | $29,000 | $40,950 | $75,405 | $147,544 |
Source: Ownwell
Property Tax Bills Across Lake Cormorant, Desoto County, Mississippi
Median Lake Cormorant Tax Bill
$408
Median Desoto County Tax Bill
$1,471
Median Mississippi Tax Bill
$914
Median United States Tax Bill
$2,400
Property Tax Bills Across Lake Cormorant, Desoto County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38641 | $189 | $270 | $408 | $633 | $2,141 |
Source: Ownwell