Columbia, Mississippi Property Taxes
The median property tax rate in Columbia, MS is 1.71%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Columbia at $49,390, the typical annual property tax bill reaches $693, still below the national median of $2,690. Property taxes in Columbia 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 Columbia'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 Columbia 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
Columbia, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$845
Ownwell’s Columbia Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Columbia. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Columbia to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more detailed trends on a neighborhood level, additional localized information is available below. Your property’s assessed value, assigned by Marion County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Columbia, Mississippi
Property taxes in Columbia, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbia is 1.71%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Columbia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia 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 Columbia's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39429 zip code has the highest median property tax rate of 1.71%, while the same 39429 zip code also has the lowest median tax rate of 1.71%. Understanding how these areas compare with Columbia provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
1.71%
Average Marion County Tax Rate
2.10%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39429 | 0.65% | 1.12% | 1.71% | 2.19% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Mississippi
In Columbia, 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 Marion 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 Columbia, 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 Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Columbia both come in at $693.00, specifically in the 39429 zip code.
Average Columbia Assessed Value
$49,390
Average Marion County Assessed Value
$47,810
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39429 | $6,540 | $22,325 | $49,390 | $90,198 | $146,121 |
Source: Ownwell
Property Tax Bills Across Columbia, Mississippi
In Columbia, Marion County, MS, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Columbia's property tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the property tax bill, including the property's location, size, and improvements. For instance, the median home price in Columbia is $49,390, and the property tax rate is applied to this value to calculate the tax bill. Homeowners in Columbia experience a range of tax bills, with the 25th percentile paying around $283 and the 75th percentile paying approximately $1,267. The 90th percentile sees tax bills as high as $2,232. Comparatively, the national median property tax rate is 0.99%, which offers a benchmark for evaluating Columbia's rates. These property taxes fund essential public services, impacting homeowners by contributing to community infrastructure, schools, and emergency services.
Average Columbia Tax Bill
$693
Average Marion County Tax Bill
$627
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39429 | $112 | $283 | $693 | $1,267 | $2,232 |
Source: Ownwell