Waveland, Mississippi Property Taxes
The median property tax rate in Waveland, MS is 1.26%, slightly higher than the national median of 0.99% but just below the Mississippi state median of 1.31%. With a median home value of $109,768 in Waveland, the typical annual property tax bill amounts to $1,603, which is lower than the national median of $2,690. Property taxes in Waveland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Waveland'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 Waveland 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
Waveland, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,383
Ownwell’s Waveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waveland 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 Waveland, Mississippi
Property taxes in Waveland, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waveland is 1.26%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Waveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waveland 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 Waveland's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39576 zip code has the highest median property tax rate of 1.26%, while the 39520 zip code has the lowest median tax rate of 1.21%. Understanding how these cities compare with Waveland provides valuable insights into the varying tax landscape across Hancock County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waveland Tax Rate
1.26%
Average Hancock County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waveland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39520 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
| 39576 | 1.26% | 1.26% | 1.26% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Waveland, Mississippi
In Waveland, 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 Hancock 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 Waveland, 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. The highest median tax bill in Waveland is $1,604 in the 39576 zip code, while the lowest median tax bill is $1,406 in the 39520 zip code. 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 Waveland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waveland Assessed Value
$109,768
Average Hancock County Assessed Value
$120,581
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waveland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39520 | $116,470 | $116,470 | $116,470 | $116,470 | $116,470 |
| 39576 | $58,009 | $77,354 | $109,697 | $170,599 | $262,966 |
Source: Ownwell
Property Tax Bills Across Waveland, Mississippi
In Waveland, located in Hancock County, MS, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Waveland stands at $109,768. Homeowners can expect their property tax bills to vary significantly. For instance, bills in the 25th percentile are around $1,092, while those in the 75th percentile reach approximately $2,483. At the higher end, the 90th percentile tax bill can go up to $4,124. The specific zip codes also show some variation, with the highest median tax bill being $1,604 in 39576 and the lowest median tax bill being $1,406 in 39520. These figures indicate that while the property tax rates in Waveland can be relatively moderate compared to the national median property tax rate of 0.99%, they still represent a significant expense for homeowners. Understanding these factors can help residents better anticipate their annual financial responsibilities.
Average Waveland Tax Bill
$1,603
Average Hancock County Tax Bill
$1,554
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Waveland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39520 | $1,406 | $1,406 | $1,406 | $1,406 | $1,406 |
| 39576 | $835 | $1,092 | $1,604 | $2,485 | $4,124 |
Source: Ownwell