Waterford, Mississippi Property Taxes
The median property tax rate in Waterford, MS is 0.95%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With a median home value in Waterford of $50,820, the typical annual property tax bill is $485, which is considerably less than the national median of $2,690. Property taxes in Waterford 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 Waterford'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 Waterford 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
Waterford, 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 Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Mississippi
Property taxes in Waterford, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterford 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. Understanding how these cities compare with Waterford provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterford Tax Rate
0.95%
Average Lafayette County Tax Rate
1.26%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | 0.63% | 0.72% | 0.95% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waterford, 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 Lafayette 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. 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 Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waterford is $50,820, with the 25th percentile tax bill at $264 and the 75th percentile tax bill at $1,088. The highest and lowest median tax bills are both $485, found in the zip code 38685.
Average Waterford Assessed Value
$50,820
Average Lafayette County Assessed Value
$152,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | $12,390 | $19,950 | $50,820 | $92,745 | $158,900 |
Source: Ownwell
Property Tax Bills Across Waterford, Mississippi
In Waterford, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. For homeowners in Waterford, the median home price is $50,820. The property tax rate in the area is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the assessed value of the home, local tax rates, and any applicable exemptions or reductions. For instance, the 25th percentile of tax bills in Waterford is $264, while the 75th percentile reaches $1,088, indicating a range based on property values and other considerations. The highest median tax bill in the region is $485, found in the 38685 zip code. These property taxes significantly impact homeowners, as they are an ongoing expense that must be budgeted for annually. Understanding how these taxes are calculated can help homeowners better manage their finances and plan for future expenses.
Average Waterford Tax Bill
$485
Average Lafayette County Tax Bill
$1,959
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | $155 | $264 | $485 | $1,088 | $2,248 |
Source: Ownwell