Property tax in DeSoto County (Olive Branch, Hernando: sales, real estate market, new house)

[godsAKgirl]

Hi to everyone. We are considering a move to a Memphis suburb and were wondering what the property taxes were in Desoto County. I went to the website to find out and wasn't sure if I was calculating right. By my estimates, a $200k house would run @ $3780 in Hernando per year. Can anyone verify that or correct me? Also, are the assesors behind on the values compared to the real estate market. When I figured $200k, that was real estate value, would the actual assesment value be any less?

Also, for a salary of $60k/year, what would the income tax be? I think I figured that out too, ($3180/year) just wanting confirmation.

Thanks for any and all input.

[Frank1938]

The assessed value is much less than the actual value.

I have a modest house that I bought in 1973. The appraised value is around $76K but I am told the actual sale price would be between $140K & 150K

There are several things that would bring your tax down.
Two of these would be over 65 or disabled

I am not sure about your income tax on 60K.
There is no state income tax on retirement income though.

Most people moving here now have barrels of money or are mortgaged to the hilt because it is hard to find any new house under $200K

[godsAKgirl]

Frank, thanks for the info.

My husband will be working in Memphis. Now if we live in Mississippi will he still have state income tax taken out because that's where he lives or because the income is in Memphis would it not be taken out?

Curious, we live in Alaska, no income tax, no sales tax. It'll be an adjustment.

Thanks!

[Frank1938]

Originally Posted by godsAKgirl

Frank, thanks for the info.

My husband will be working in Memphis. Now if we live in Mississippi will he still have state income tax taken out because that's where he lives or because the income is in Memphis would it not be taken out?

Curious, we live in Alaska, no income tax, no sales tax. It'll be an adjustment.

Thanks!

Yes, his Memphis employer will with hold the Mississippi tax. I do believe you can ask it not be with held but you would have to pay it all at the end of the tax year

Overall, living expense here is slightly less than most places. sales tax is slightly less than Memphis but your property tax is quite a bit less.

Car tags will be higher. It is based on the value of your car, but the Ad Valorm tax is deductable from your income tax.
A new, high dollar car could run you $1000.00 ayear, but a vehicle more than 7 yeras old is pretty cheap. My old Ranger p/u is about $23.00 a year.

[muaddib]

You will pay Ms. income tax whether you live or work in Ms. I used to live in Tn. and work in Ms. and had to pay it. Now, I prefer it the other way around. I live in Hernando and work in Memphis. As a former resident of Memphis, I find it about the same taxwise, when you look at the overall picture, or maybe slightly better in Ms. My income tax is higher because of the state income tax, but my property taxes are lower. Frank1938 failed to mention the homestead exemption, which also helps. I find the $3700 tax estimate on a 200k house to be quite high. More like 600.

[godsAKgirl]

muaddib! Thanks for the info! How exactly does the homestead exemption work? Also, we were looking at Hernando because it looks like the kind of atmosphere (small town) that we are looking for. However, I am worried about the communte on I-55 for my husband. He would be working on Nonconnah Blvd near the airport, how long during rush hour traffic would it take him to go between Hernando and there? Thanks again!

[tennreb]

I think it would probably be about 30 minutes.

[Frank1938]

Originally Posted by godsAKgirl

muaddib! Thanks for the info! How exactly does the homestead exemption work? Also, we were looking at Hernando because it looks like the kind of atmosphere (small town) that we are looking for. However, I am worried about the communte on I-55 for my husband. He would be working on Nonconnah Blvd near the airport, how long during rush hour traffic would it take him to go between Hernando and there? Thanks again!

You can only file Homestead Exemption Jan 2 thru March 31 each year at the Tax Assessor's office in the Admin. Bldg. in Hernando
My daughter works near the airport (Democrat Rd) & her commute is 30 min or less. I do think she often gets off I-55 at Stateline Rd & goes up Airways rather than taking I-55 to Shelby Dr
What area of Hernando are you considering ?

[Mr. Mudd]

My daughter and her husband just bought a house in Olive Branch. The price was $180,000+. The annual taxes in the listing were stated to be $1,750. I would assume that's a combination of county and city taxes. That seems like a real bargain to me. I'm paying twice that here in Germantown for a similarly priced house. My daughter's in-laws live in Hernando. What little I've seen of it is quite beautiful with lots of trees and gently rolling hills. -Bob

[Deacon]

Where I come from, the assessed value is always ahead of the fair market value because it is the assessed value that the government taxes you on. All areas have their own strange equation ways of taking the taxpayers money. I feel your pain and understand your concern about taxes.