REAL PROPERTY

Real Property is divided into two categories:
Class I Property—Single Family, Owner Occupied, Residential real property

Class II Property---All other real property

The Simpson County Tax Assessor is responsible for locating, identifying, and fairly valuing all real and personal property in Simpson County for tax purposes. The 'market' value of real property is based on the current real estate market. Finding the 'market' value of your property means discovering the price most people would pay for your property in its current condition. Determining fair and equitable values is the only role this office performs in the taxing process.

It is important to remember that the Tax Assessor does not create value. People create value by buying and selling real estate in the open market place. The Tax Assessor has the legal responsibility to study those transactions and appraise your property accordingly. The Tax Assessor also tracks ownership changes, maintains maps of parcel boundaries, keeps descriptions of buildings and property characteristics up to date, accepts and approves applications from individuals eligible for exemptions and other forms of property tax relief, and, most importantly, analyzes trends in sales prices, construction costs, and rents to best estimate the value of all assessable property.

All this must be done economically - for less than a tenth of what it would cost you to hire someone to independently appraise your property. In fact, the Simpson County Tax Assessor’s Office has been recognized for its state-of-the-art technological approach to the valuation process. A progressive computer assisted mass appraisal (CAMA) system is used by experienced appraisers to ensure that fair values are set for all Simpson County property owners.

At least once every four years, one of our appraisers will visit and inspect each property as required by Mississippi law. However, individual property values may be adjusted between visits in light of sales activity or other factors affecting real estate values in your neighborhood.

To find the value of your property, the Assessor must first know what properties have sold, and how much they are selling for in today's market. That is why we maintain an accurate database of real estate information. Each transaction must be studied to make sure it was an arms-length transaction, meaning that a willing seller sold to a willing buyer without any undue pressure or special incentives (such as family relationships), and that the property was on the market for neither an excessive nor short period of time. Once this is determined, we can determine the value of a property from sales of comparable properties. This is the sales comparison approach to valuation.

The second method used to appraise property is the cost approach. The cost approach is based on how much it would cost today to build an almost identical structure on the parcel. If your property is not new, the appraiser must also determine how much the building has lost value over time. The appraiser must also determine the value of the land itself - without buildings or any improvements.

The income approach is the third method used to evaluate property - usually commercial property. It requires a study of how much revenue your property would produce if it were rented as an apartment house, a store, an office building and so on. The appraiser must consider operating expenses, taxes, insurance, maintenance costs, and the return or profit most people would expect on your kind of property.

In addition to determining values, the Assessor accepts applications for Homestead Exemption.

It is the responsibility of the Assessor to determine that your property is appraised correctly. Our goal is to be fair and accurate using the most current resources and considering those forces, which impact property values in your neighborhood.

Please feel free to call or visit our office if you need any additional information. One of our customer service assistants will be happy to help you.

APPRAISAL CALENDAR

The Tax Assessor follows an annual calendar of events established by Mississippi Law. The following are key dates in the annual process of preparing the Property Value Roll:

January 1 - Assessments are based on the status of the property on this date each year. This is also the effective date for establishing the validity of exemptions.

April 1 - This is the deadline for filing Homestead Exemption.

April 1 - This is the deadline for filing Business Personal Property returns with the Tax Assessor's Office.

First Monday of July  - The date when the tax rolls are certified by the assessor to the Board of Supervisors.  Any objections to the values on the rolls are made at this time.

First Monday of August – The Board of Supervisors certify tax rolls and recaps.

Last Monday of August – Land Sale on all delinquent parcels that taxes are owed.

September 15 – All county budgets are finalized and the tax levy is set by the Board of Supervisors.

On or about December 1 - the mailing date when the Tax Collector mails tax bills to property owners.