Water Valley, Mississippi Property Taxes
The median property tax rate in Water Valley, MS is 0.88%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $80,160 in Water Valley, the typical annual property tax bill is around $741, 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 various exemptions like the primary residence and agricultural exemptions. 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 Lafayette County, 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
0.88%
Estimate Property Tax Bill
$705
$655
Ownwell’s Water Valley Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Water Valley with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Water Valley to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities effortlessly. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes 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 0.88%, which is below 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. For comparison, the effective property tax rate in Water Valley is consistent across the region, with the highest and lowest median property tax rates both being 0.88%. Understanding how these rates compare with Water Valley provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
0.88%
Average Lafayette County Tax Rate
1.26%
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 | 0.48% | 0.67% | 0.88% | 1.60% | 1.60% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Mississippi
In Water Valley, Mississippi, understanding the difference between "market value" and "assessed value" is essential 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 Lafayette 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. 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 Water Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 38965, which stands at $741, while the lowest median tax bill also falls in the same zip code at $741.
Property Tax Assessment Values Across Water Valley, Mississippi
Source: Ownwell
$26,335
$95,173
$164,010
Average Water Valley Assessed Value
$80,160
Average Lafayette County Assessed Value
$152,030
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 | $15,878 | $36,220 | $80,160 | $143,450 | $225,950 |
Source: Ownwell
Property Tax Bills Across Water Valley, Mississippi
In Water Valley, located in Lafayette County, MS, property tax bills are determined by assessing a property’s market value and applying the local tax rate. The median home price here is $80,160, and property tax rates are calculated based on this assessed value. Factors such as the property’s location, size, and condition play a significant role in determining the assessed value. Homeowners in Water Valley can expect a wide range of tax bills. For instance, the 25th percentile tax bill is $305, while the 75th percentile reaches $1,461. At the higher end, the 90th percentile tax bill is $2,349. The median tax bill in the area is $741, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners budget more effectively and anticipate their annual financial obligations.
Average Water Valley Tax Bill
$741
Average Lafayette County Tax Bill
$1,959
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 | $161 | $305 | $741 | $1,461 | $2,349 |
Source: Ownwell