Caledonia, Mississippi Property Taxes
The median property tax rate in Caledonia, Mississippi is 0.81%, considerably lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Caledonia at $88,065, the typical annual property tax bill reaches $748, well below the national median of $2,690. Property taxes in Caledonia 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 Caledonia'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 Caledonia or another part of Lowndes County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caledonia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$713
Ownwell’s Caledonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Caledonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Caledonia 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 Caledonia, Mississippi
Property taxes in Caledonia, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caledonia is 0.81%, which is lower than the U.S. national median of 0.99%. Local government entities within Caledonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caledonia 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 39740 zip code has both the highest and lowest median property tax rate of 0.81%. Understanding how these areas compare with Caledonia provides valuable insights into the varying tax landscape across Lowndes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caledonia Tax Rate
0.81%
Average Lowndes County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | 0.47% | 0.60% | 0.81% | 1.45% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Caledonia, Mississippi
In Caledonia, 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 Lowndes 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 Caledonia, 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 Caledonia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 39740 in Caledonia has both the highest and lowest median tax bill at $748. By comparing this with the national median property tax rate of 0.99%, homeowners can gauge how their tax bills measure up.
Average Caledonia Assessed Value
$88,065
Average Lowndes County Assessed Value
$63,980
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | $22,150 | $49,000 | $88,065 | $156,855 | $250,135 |
Source: Ownwell
Property Tax Bills Across Caledonia, Mississippi
In Caledonia, Mississippi, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Caledonia, the median home price is $88,065. Property tax bills can vary widely, with the 25th percentile at $345 and the 75th percentile reaching $1,442. At the 90th percentile, tax bills can go as high as $2,348. Several factors influence these tax bills, including property characteristics, local tax rates, and any applicable exemptions. Homeowners in this region should be aware that the median tax bill in Caledonia's zip code 39740 is $748, which is below the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and manage their finances more effectively.
Average Caledonia Tax Bill
$748
Average Lowndes County Tax Bill
$692
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Caledonia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39740 | $150 | $345 | $748 | $1,442 | $2,348 |
Source: Ownwell