Caledonia, Mississippi Property Taxes
The median property tax rate in Caledonia, Mississippi is 1.54%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Caledonia, the typical annual property tax bill reaches $326, which is significantly lower than the national median of $2,690. Property taxes in Caledonia 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 Caledonia'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 Caledonia 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
Caledonia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.54%
Estimate Property Tax Bill
$562
Ownwell’s Caledonia Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Caledonia with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Caledonia to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by Monroe County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Caledonia, Mississippi
Property taxes in Caledonia, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caledonia is 1.54%, significantly higher than the U.S. national median of 0.99%. Local government entities within Caledonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caledonia 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 Caledonia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39740 zip code has both the highest and lowest median property tax rate of 1.54%. Understanding how these cities compare with Caledonia provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caledonia Tax Rate
1.54%
Average Monroe County Tax Rate
1.48%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | 0.48% | 0.67% | 1.54% | 1.59% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Caledonia, Mississippi
In Caledonia, 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 Monroe 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 Caledonia, 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. The median home price in Caledonia is $36,490, with tax bills ranging from $154 at the 25th percentile to $961 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caledonia Assessed Value
$36,490
Average Monroe County Assessed Value
$48,950
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | $6,798 | $15,370 | $36,490 | $65,570 | $95,386 |
Source: Ownwell
Property Tax Bills Across Caledonia, Mississippi
In Caledonia, Monroe County, MS, property tax bills are calculated based on the assessed value of a homeowner's property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's location, size, and condition can influence its assessed value. The median home price in Caledonia is $36,490, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $154, while at the 75th percentile, it rises to $497, and at the 90th percentile, it can reach up to $961. Comparatively, the highest and lowest median tax bills in the area are both $326, as indicated by the zip code 39740. These variations in tax bills can have a substantial impact on homeowners, affecting their annual budgeting and financial planning. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances accordingly.
Average Caledonia Tax Bill
$326
Average Monroe County Tax Bill
$540
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | $65 | $154 | $326 | $497 | $961 |
Source: Ownwell