Coldwater, Tate County, Mississippi Property Taxes
The median property tax rate in Coldwater, MS is 1.24%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With the median home value in Coldwater at $72,910, the typical annual property tax bill amounts to $835, which is lower than the national median of $2,690. Property taxes in Coldwater are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Coldwater'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 Coldwater 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
Coldwater, Tate County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$904
$839
Ownwell’s Coldwater Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coldwater with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coldwater 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 Coldwater, Tate County, Mississippi
Property taxes in Coldwater, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coldwater is 0.79%, which is lower than both the Mississippi state median of 0.81% and the U.S. national median of 0.99%. Local government entities within Coldwater set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coldwater 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 Coldwater's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38618 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Coldwater provides valuable insights into the varying tax landscape across Tate County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coldwater Tax Rate
1.24%
Average Tate County Tax Rate
1.33%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coldwater, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | 0.63% | 0.94% | 1.24% | 1.51% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Coldwater, Tate County, Mississippi
In Coldwater, 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 Tate 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 Coldwater, 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 Coldwater helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $835.00, specifically in the 38618 zip code.
Property Tax Assessment Values Across Coldwater, Tate County, Mississippi
Source: Ownwell
$57,944
$76,743
$95,541
Average Coldwater Assessed Value
$72,910
Average Tate County Assessed Value
$82,683
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coldwater, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | $23,192 | $45,435 | $72,910 | $122,116 | $187,438 |
Source: Ownwell
Property Tax Bills Across Coldwater, Tate County, Mississippi
In Coldwater, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Coldwater is $72,910. The tax bill is then determined by applying the local tax rate to this assessed value. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the total tax bill. Homeowners in Coldwater can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $486, while at the 75th percentile, it rises to $1,337. At the 90th percentile, the tax bill can be as high as $2,166. These variations highlight the impact of property characteristics and assessed values on tax obligations. The highest median tax bill in Tate County, where Coldwater is located, is $835, which is noticeably lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be an attractive factor for potential homeowners considering a move to Coldwater.
Average Coldwater Tax Bill
$835
Average Tate County Tax Bill
$994
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Coldwater, Tate County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38618 | $256 | $486 | $835 | $1,337 | $2,166 |
Source: Ownwell