Baldwyn, Mississippi Property Taxes
The median property tax rate in Baldwyn, MS is 1.01%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Baldwyn at $58,332, the typical annual property tax bill is $580, significantly below the national median of $2,690. Property taxes in Baldwyn 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 Baldwyn'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 Baldwyn 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
Baldwyn, 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 Baldwyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baldwyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baldwyn 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 Baldwyn, Mississippi
Property taxes in Baldwyn, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baldwyn is 0.52%, which is lower than both the Mississippi state median of 0.65% and the U.S. national median of 0.99%. Local government entities within Baldwyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baldwyn 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 Baldwyn's effective property tax rate to other counties in Mississippi and the national median. For comparison, the highest median property tax rate in Mississippi is 1.35%, while the lowest median tax rate is 0.52%, the same as Baldwyn. Understanding how these cities compare with Baldwyn provides valuable insights into the varying tax landscape across Itawamba County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baldwyn Tax Rate
1.01%
Average Itawamba County Tax Rate
1.04%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | 0.87% | 0.89% | 1.01% | 1.94% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Baldwyn, Mississippi
In Baldwyn, 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 Itawamba County Tax Assessor 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. Assessment notices in Baldwyn 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 Baldwyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 38824 has the highest and lowest median tax bills at $580, reflecting the localized nature of property tax variations.
Average Baldwyn Assessed Value
$58,332
Average Itawamba County Assessed Value
$62,360
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $10,914 | $25,415 | $58,332 | $81,670 | $137,308 |
Source: Ownwell
Property Tax Bills Across Baldwyn, Mississippi
In Baldwyn, Itawamba County, MS, property tax bills are calculated based on the assessed value of the home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. Homeowners in Baldwyn typically see a median property tax bill of $580, which is significantly lower than the national median property tax rate of 0.99%. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile of tax bills in Baldwyn is $236, while the 75th percentile reaches $1,058, showing a range of what homeowners might expect to pay. At the 90th percentile, the tax bill can go up to $1,640. These variations highlight how different property values and exemptions can impact the final tax amount. Lower property taxes can make homeownership more affordable, but they also mean that local services funded by these taxes may be more limited compared to areas with higher tax rates.
Average Baldwyn Tax Bill
$580
Average Itawamba County Tax Bill
$669
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $110 | $236 | $580 | $1,058 | $1,640 |
Source: Ownwell