Baldwyn, Mississippi Property Taxes
The median property tax rate in Baldwyn, MS is 1.35%, which is higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Baldwyn at $38,925, the typical annual property tax bill amounts to $377, significantly lower than the national median of $2,690. Property taxes in Baldwyn 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 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 the city, understanding 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
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Baldwyn Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Baldwyn using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baldwyn to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. To explore trends at the neighborhood level, scroll down for more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any exemptions that may apply.
Property Tax Rates Across Baldwyn, Mississippi
Property taxes in Baldwyn, Mississippi, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Baldwyn is 0.81%, 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 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 38824 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Baldwyn provides valuable insights into the varying tax landscape across Tippah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baldwyn Tax Rate
1.35%
Average Tippah County Tax Rate
1.38%
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 | 0.47% | 1.06% | 1.35% | 2.28% | 2.46% |
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 Tippah 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 highest and lowest median tax bills in Baldwyn are both $377.00, found in zip code 38824.
Average Baldwyn Assessed Value
$38,925
Average Tippah County Assessed Value
$46,380
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 | $8,357 | $12,508 | $38,925 | $92,388 | $138,539 |
Source: Ownwell
Property Tax Bills Across Baldwyn, Mississippi
In Baldwyn, Tippah County, MS, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property. Homeowners then apply the local tax rate to this assessed value to determine their annual tax bill. The median home price in Baldwyn is $38,925, and the local property tax rate is significantly lower than the national median of 0.99%. For instance, the 25th percentile tax bill is $211, while the 75th percentile tax bill is $1,568, indicating a broad range in property tax liabilities depending on property values and applicable exemptions. The highest median tax bill in the area is $377, which is consistent across the zip code 38824. These tax bills directly impact homeowners, influencing their monthly housing costs and overall affordability. Understanding how these factors interplay can help residents better manage their financial planning and anticipate future tax obligations.
Average Baldwyn Tax Bill
$377
Average Tippah County Tax Bill
$673
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 | $195 | $211 | $377 | $1,568 | $1,953 |
Source: Ownwell