Collins, Mississippi Property Taxes
The median property tax rate in Collins, MS is 0.73%, notably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Collins at $59,130, the typical annual property tax bill is $414, significantly below the national median of $2,690. Property taxes in Collins are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Collins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Collins 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
Collins, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$432
$401
Ownwell’s Collins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collins 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 Collins, Mississippi
Property taxes in Collins, Mississippi, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Collins is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Collins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collins 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 Collins's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 39428 has the median property tax rate of 0.73%, aligning with the rate in Collins. Understanding how these areas compare with Collins provides valuable insights into the varying tax landscape across Covington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collins Tax Rate
0.73%
Average Covington County Tax Rate
0.76%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collins, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39428 | 0.41% | 0.49% | 0.73% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Collins, Mississippi
In Collins, 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 Covington 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 Collins, 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 Collins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Collins are both $414, found in the 39428 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average Collins Assessed Value
$59,130
Average Covington County Assessed Value
$57,690
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Collins, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39428 | $10,240 | $29,505 | $59,130 | $94,010 | $150,550 |
Source: Ownwell
Property Tax Bills Across Collins, Mississippi
In Collins, Covington County, MS, property tax bills are calculated based on the assessed value of a home, 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. Homeowners in Collins experience a range of property tax bills, with the 25th percentile paying around $195, while those in the 75th percentile face bills up to $809. At the higher end, the 90th percentile sees tax bills reaching $1,287. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and home values significantly impact what homeowners owe. For Collins, the median home price is $59,130, affecting the overall tax burden. Understanding these factors is crucial for homeowners to manage their finances and anticipate annual property tax obligations.
Average Collins Tax Bill
$414
Average Covington County Tax Bill
$431
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Collins, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39428 | $81 | $195 | $414 | $809 | $1,287 |
Source: Ownwell