Collinsville, Mississippi Property Taxes
The median property tax rate in Collinsville, MS is 0.87%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $53,000 in Collinsville, the typical annual property tax bill is around $433, significantly below the national median of $2,690. Property taxes in Collinsville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Collinsville'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 Collinsville 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
Collinsville, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Collinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collinsville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Collinsville, Mississippi
Property taxes in Collinsville, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Collinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collinsville 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 Collinsville's effective property tax rate to other areas in Mississippi and the national median. For comparison, the zip code 39325 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Collinsville provides valuable insights into the varying tax landscape across Neshoba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collinsville Tax Rate
0.87%
Average Neshoba County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39325 | 0.53% | 0.71% | 0.87% | 1.66% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Mississippi
In Collinsville, 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 Neshoba County Tax Assessor 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 Collinsville, 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. The median home price in Collinsville is $53,000, with tax bills ranging from $185 at the 25th percentile to $1,540 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Collinsville Assessed Value
$53,000
Average Neshoba County Assessed Value
$53,540
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Collinsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39325 | $6,900 | $23,315 | $53,000 | $84,970 | $125,530 |
Source: Ownwell
Property Tax Bills Across Collinsville, Mississippi
In Collinsville, MS, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. For homeowners, this assessment is crucial as it directly impacts their annual tax bill. The median home price in Collinsville is $53,000, which serves as a benchmark for determining property taxes. The tax rate applied to this assessed value varies within the region. Homeowners in Collinsville can expect their tax bills to range significantly. For instance, the 25th percentile tax bill is $185, while the 75th percentile tax bill is $850. At the higher end, the 90th percentile tax bill can reach up to $1,540. These figures highlight the variability in tax obligations based on property values and local tax rates. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Collinsville to understand how local rates compare. This variability in tax bills underscores the importance of accurate property assessments and the impact of local tax policies on homeowners' finances.
Average Collinsville Tax Bill
$433
Average Neshoba County Tax Bill
$527
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39325 | $59 | $185 | $433 | $850 | $1,540 |
Source: Ownwell