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 $53,170 in Collinsville, the typical annual property tax bill amounts to $523, which is significantly less than the national median of $2,690. Property taxes in Collinsville are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Collinsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Collinsville or another part of Newton County, grasping 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
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$532
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, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 0.52%, significantly lower than the Mississippi state median of 0.65% 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 highest median property tax rate in the area is 0.77% in 39325, while the lowest median tax rate is 0.43% in 39325. Understanding how these cities compare with Collinsville provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collinsville Tax Rate
1.00%
Average Newton County Tax Rate
1.13%
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 | 0.27% | 0.78% | 1.00% | 1.78% | 1.78% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Mississippi
In Collinsville, 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 Newton 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. 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 Collinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39325 in Collinsville has the highest and lowest median tax bill, both at $523.
Average Collinsville Assessed Value
$53,170
Average Newton County Assessed Value
$57,610
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 | $11,838 | $20,820 | $53,170 | $82,390 | $132,008 |
Source: Ownwell
Property Tax Bills Across Collinsville, Mississippi
In Collinsville, Newton County, MS, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the market value, which is calculated based on factors such as the property's size, location, and condition. For example, with a median home price of $53,170, homeowners might see a range of tax bills depending on their property's assessed value and specific circumstances. The 25th percentile tax bill in Collinsville is $220, while the 75th percentile tax bill is $1,130, indicating a significant variation in tax obligations. At the 90th percentile, tax bills can reach up to $1,451. The highest and lowest median tax bills in the area both stand at $523, showing some consistency in certain neighborhoods. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Collinsville Tax Bill
$523
Average Newton County Tax Bill
$665
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 | $92 | $220 | $523 | $1,130 | $1,451 |
Source: Ownwell