Baldwyn, Mississippi Property Taxes
The median property tax rate in Baldwyn, MS is 0.94%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With the median home value in Baldwyn at $42,150, the typical annual property tax bill is $364, far below the national median of $2,690. Property taxes in Baldwyn are determined based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Baldwyn'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 Baldwyn or another part of Union County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Baldwyn, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$396
Ownwell’s Baldwyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baldwyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baldwyn 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 Baldwyn, Mississippi
Property taxes in Baldwyn, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baldwyn is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Baldwyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baldwyn 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 Baldwyn's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38824 zip code has the highest median property tax rate of 0.94%, while the lowest median tax rate is also 0.94% in the same zip code. Understanding how these cities compare with Baldwyn provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baldwyn Tax Rate
0.94%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | 0.32% | 0.67% | 0.94% | 1.57% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Baldwyn, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Baldwyn, Mississippi. 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 Union County Appraisal District 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 Baldwyn, 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. Being aware of these valuation processes in Baldwyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $364 in zip code 38824, while the lowest median tax bill is also $364 in the same zip code.
Average Baldwyn Assessed Value
$42,150
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $9,028 | $13,180 | $42,150 | $90,850 | $141,230 |
Source: Ownwell
Property Tax Bills Across Baldwyn, Mississippi
In Baldwyn, located in Union County, MS, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by local tax assessors and is a percentage of the property's market value. Once the assessed value is established, a local tax rate, known as the millage rate, is applied to calculate the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Baldwyn is $42,150, and property taxes can vary significantly. Homeowners in the 25th percentile pay around $157 annually, while those in the 75th percentile pay approximately $792. The top 10% of property tax bills reach up to $1,436. Compared to the national median property tax rate of 0.99%, Baldwyn’s property tax rates are relatively low, making it more affordable for homeowners. This lower tax burden can significantly impact homeowners, offering financial relief and potentially increasing disposable income.
Average Baldwyn Tax Bill
$364
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $72 | $157 | $364 | $792 | $1,436 |
Source: Ownwell