Water Valley, Mississippi Property Taxes
The median property tax rate in Water Valley, MS is 1.99%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Water Valley, the typical annual property tax bill reaches $406, which is significantly below the national median of $2,690. Property taxes in Water Valley 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 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 the city, 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
1.99%
Estimate Property Tax Bill
$483
$448
Ownwell’s Water Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Water Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Water Valley 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 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 0.52%, significantly lower than both the Mississippi state median of 0.80% and 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. The data below compares Water Valley's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38965 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Water Valley provides valuable insights into the varying tax landscape across Yalobusha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Water Valley Tax Rate
1.99%
Average Panola County Tax Rate
1.34%
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 | 0.91% | 0.92% | 1.99% | 1.99% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Water Valley, Mississippi
In Water Valley, 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 Panola 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. 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. In Water Valley, the median home price is $24,274. The median tax bill ranges from $226 at the 25th percentile to $1,927 at the 90th percentile. The zip code 38965 has the highest and lowest median tax bill at $406. 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.
Average Water Valley Assessed Value
$24,274
Average Panola County Assessed Value
$42,358
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 | $11,321 | $17,549 | $24,274 | $66,794 | $124,232 |
Source: Ownwell
Property Tax Bills Across Water Valley, Mississippi
In Water Valley, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value. For example, if the median home price in Water Valley is $24,274, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to determine the tax bill. Several factors influence the final tax bill. These include the home's assessed value, the local tax rate, and any applicable exemptions or deductions. Homeowners in Water Valley can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $226, while the 75th percentile reaches $805, and the 90th percentile can go up to $1,927. Compared to the national median property tax rate of 0.99%, Water Valley's tax bills reflect the local economic conditions and property values, impacting homeowners differently based on their property's assessed value and available exemptions.
Average Water Valley Tax Bill
$406
Average Panola County Tax Bill
$671
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 | $186 | $226 | $406 | $805 | $1,927 |
Source: Ownwell