Coldwater, Mississippi Property Taxes
The median property tax rate in Coldwater, MS is 1.72%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Coldwater at $31,190, the typical annual property tax bill reaches $401, which is significantly lower than the national median of $2,690. Property taxes in Coldwater are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Coldwater'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 Coldwater 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
Coldwater, 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 Coldwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coldwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coldwater 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 Coldwater, Mississippi
Property taxes in Coldwater, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Coldwater is 0.81%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Coldwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coldwater 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 Coldwater's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38618 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Coldwater provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coldwater Tax Rate
1.72%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coldwater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | 0.65% | 0.97% | 1.72% | 1.72% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Coldwater, Mississippi
In Coldwater, 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 Marshall 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 Coldwater, 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 Coldwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Coldwater is $401 in the zip code 38618, while the lowest median tax bill is also $401 in the same zip code.
Average Coldwater Assessed Value
$31,190
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coldwater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | $6,640 | $13,280 | $31,190 | $68,740 | $96,710 |
Source: Ownwell
Property Tax Bills Across Coldwater, Mississippi
In Coldwater, located in Marshall County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Factors such as the home's size, location, and condition play a significant role in this valuation. Once the assessed value is established, it is multiplied by the local tax rate to determine the final property tax bill. For homeowners in Coldwater, the median home price is $31,190. Property tax bills can vary significantly, with the 25th percentile tax bill at $164 and the 75th percentile tax bill reaching $694. At the 90th percentile, homeowners may see tax bills as high as $1,199. The highest and lowest median tax bills in the area are both $401, specifically in the 38618 zip code. These property tax bills can impact homeowners by influencing their overall housing costs and budgeting decisions. Compared to the national median property tax rate of 0.99%, Coldwater's property taxes can offer some relief to homeowners.
Average Coldwater Tax Bill
$401
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Coldwater, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | $80 | $164 | $401 | $694 | $1,199 |
Source: Ownwell