Water Valley, Mississippi Property Taxes
The median property tax rate in Water Valley, MS is 0.86%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Water Valley at $72,964, the typical annual property tax bill amounts to $716, significantly below the national median of $2,690. Property taxes in Water Valley are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Water Valley'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 Water Valley 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
Water Valley, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$627
Ownwell’s Water Valley Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Water Valley. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Water Valley to provide an accurate estimate of your property tax bill. This tool offers clear insights into potential tax liabilities, helping you make informed decisions. For those interested in a deeper dive into local trends, more detailed neighborhood-level information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Water Valley, Mississippi
Property taxes in Water Valley, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Water Valley is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Water Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Water Valley 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 Water Valley's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38965 zip code has the highest median property tax rate of 0.86%, while the same 38965 zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Water Valley provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
0.86%
Average Calhoun County Tax Rate
1.03%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Water Valley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38965 | 0.47% | 0.78% | 0.86% | 1.10% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Mississippi
In Water Valley, 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 Calhoun 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 Water Valley, 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. The median home price in Water Valley is $72,964, and property tax bills can vary widely. For instance, the 25th percentile tax bill is $222, while the 75th percentile reaches $1,481. The highest and lowest median tax bills both stand at $716 in the 38965 zip code. 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 the tax burden.
Average Water Valley Assessed Value
$72,964
Average Calhoun County Assessed Value
$55,127
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Water Valley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38965 | $17,744 | $35,697 | $72,964 | $109,853 | $176,385 |
Source: Ownwell
Property Tax Bills Across Water Valley, Mississippi
In Water Valley, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Tax rates, also known as millage rates, are then applied to this assessed value to determine the final tax bill. These rates can vary depending on the specific needs of the county and local government budgets. For homeowners in Water Valley, the median home price stands at $72,964. Tax bills can vary significantly, with the 25th percentile paying around $222, while those in the 75th percentile can expect to pay approximately $1,481. The highest median tax bill recorded in the area is $716, which is notably lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Water Valley, but it's important to consider that local services and infrastructure funding are directly impacted by these tax revenues.
Average Water Valley Tax Bill
$716
Average Calhoun County Tax Bill
$645
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Water Valley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38965 | $126 | $222 | $716 | $1,481 | $1,870 |
Source: Ownwell