Baldwyn, Mississippi Property Taxes
The median property tax rate in Baldwyn, MS is 0.97%, slightly lower than the national median of 0.99% and significantly below the Mississippi state median of 1.31%. With a median home value of $32,265 in Baldwyn, the typical annual property tax bill is approximately $241, which is much lower than the national median of $2,690. Property taxes in Baldwyn are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Baldwyn'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 Baldwyn or another part of Prentiss County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Baldwyn, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$313
$290
Ownwell’s Baldwyn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baldwyn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baldwyn 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 Baldwyn, Mississippi
Property taxes in Baldwyn, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baldwyn is 0.97%, which is slightly below the U.S. national median of 0.99%. Local government entities within Baldwyn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baldwyn 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 Baldwyn's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38824 has both the highest and lowest median property tax rate of 0.97%, which is the same as Baldwyn's median rate. Understanding how these areas compare with Baldwyn provides valuable insights into the varying tax landscape across Prentiss County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baldwyn Tax Rate
0.97%
Average Prentiss County Tax Rate
1.25%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | 0.44% | 0.57% | 0.97% | 1.06% | 1.87% |
Source: Ownwell
Property Tax Assessment Values Across Baldwyn, Mississippi
In Baldwyn, 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 Prentiss 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 Baldwyn, 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 Baldwyn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 38824, both at $241.
Average Baldwyn Assessed Value
$32,265
Average Prentiss County Assessed Value
$31,610
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $3,052 | $8,492 | $32,265 | $64,425 | $104,246 |
Source: Ownwell
Property Tax Bills Across Baldwyn, Mississippi
In Baldwyn, Prentiss County, MS, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Baldwyn is $32,265, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value. For example, the tax bill at the 25th percentile is $82, while at the 75th percentile, it reaches $490. At the 90th percentile, homeowners might pay up to $815. Comparing these figures to the national median property tax rate of 0.99%, Baldwyn's property taxes are relatively low. The highest and lowest median tax bills in the area are both $241, indicating a consistent tax rate within the zip code 38824. These property tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure, making it essential for homeowners to understand how their tax bills are determined.
Average Baldwyn Tax Bill
$241
Average Prentiss County Tax Bill
$259
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Baldwyn, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38824 | $32 | $82 | $241 | $490 | $815 |
Source: Ownwell