Collinsville, Mississippi Property Taxes
The median property tax rate in Collinsville, MS is 1.00%, slightly above the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $112,120 in Collinsville, the typical annual property tax bill is $1,096, which is below the national median of $2,690. Property taxes in Collinsville are calculated based on the assessed value, which often falls below market value due to various exemptions like 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 Lauderdale County, 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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 0.65%, lower than both the Mississippi state median of 0.81% and 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 counties in Mississippi and the national median. For comparison, the 39325 zip code has the highest median property tax rate of 0.65%, while the 39325 zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Collinsville provides valuable insights into the varying tax landscape across Lauderdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collinsville Tax Rate
1.00%
Average Lauderdale County Tax Rate
1.54%
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 | 0.51% | 0.78% | 1.00% | 1.19% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Collinsville, 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 Lauderdale 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 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. For example, the median home price is $112,120, with tax bills ranging from $494 at the 25th percentile to $2,617 at the 90th percentile. The zip code with the highest median tax bill is 39325, with a median bill of $1,096. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Property Tax Assessment Values Across Collinsville, Mississippi
Source: Ownwell
$36,385
$78,658
$120,930
Average Collinsville Assessed Value
$112,120
Average Lauderdale County Assessed Value
$61,125
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 | $23,996 | $54,715 | $112,120 | $182,995 | $240,290 |
Source: Ownwell
Property Tax Bills Across Collinsville, Mississippi
In Collinsville, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of the market value determined by the Lauderdale County tax assessor. Homeowners in Collinsville can expect property taxes to be a significant part of their annual expenses. The median home price in Collinsville is $112,120, and tax bills vary widely across different properties. Factors such as property size, location, and improvements can influence the assessed value, leading to varying tax bills. For instance, the 25th percentile of tax bills is around $494, while the 75th percentile reaches up to $1921, and the 90th percentile can be as high as $2617. The highest and lowest median tax bills in Collinsville are both recorded at $1096, indicating a relatively consistent tax rate within the area. Compared to the national median property tax rate of 0.99%, Collinsville's property taxes can either be a manageable expense or a more substantial financial commitment, depending on the specific property and its assessed value. This variability highlights the importance of understanding local property tax assessments and their impact on homeowners.
Average Collinsville Tax Bill
$1,096
Average Lauderdale County Tax Bill
$844
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 | $224 | $494 | $1,096 | $1,921 | $2,617 |
Source: Ownwell