Waterford, Marshall County, Mississippi Property Taxes
The median property tax rate in Waterford, MS, is 1.72%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Waterford at $50,675, the typical annual property tax bill reaches $492, which is below the national median of $2,690. Property taxes in Waterford are calculated based on the assessed value, which typically falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Waterford'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 Waterford or another part of Marshall County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterford, Marshall County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.72%
Estimate Property Tax Bill
$872
$809
Ownwell’s Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Marshall County, Mississippi
Property taxes in Waterford, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 1.72%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterford 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 Waterford's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38685 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Waterford provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waterford Tax Rate
1.72%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterford, Marshall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | 0.73% | 0.82% | 1.72% | 1.72% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Marshall County, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Waterford, Mississippi. 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 Marshall 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 Waterford, 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. For example, the median home price in Waterford is $50,675, with tax bills ranging from $216 at the 25th percentile to $1,738 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Waterford, Marshall County, Mississippi
Source: Ownwell
$31,190
$49,310
$67,430
Average Waterford Assessed Value
$50,675
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waterford, Marshall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | $5,302 | $17,672 | $50,675 | $83,882 | $142,502 |
Source: Ownwell
Property Tax Bills Across Waterford, Marshall County, Mississippi
In Waterford, MS, property tax bills are calculated based on the assessed value of your home, which is determined by the Marshall County tax assessor. The assessed value is a percentage of the market value of your property. Homeowners in Waterford can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $216 and the 75th percentile at $944. For those in the 90th percentile, tax bills can reach up to $1,738. The median home price in Waterford is $50,675, and the property tax rate in this region is generally lower than the national median property tax rate of 0.99%. These factors collectively determine the final tax bill, impacting homeowners by influencing their annual financial obligations. Notably, the highest and lowest median tax bills in the region are both recorded at $492 in the zip code 38685. Understanding these components helps homeowners anticipate their property tax responsibilities and manage their budgets accordingly.
Average Waterford Tax Bill
$492
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Marshall County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38685 | $81 | $216 | $492 | $944 | $1,738 |
Source: Ownwell