Water Valley, Mississippi Property Taxes
The median property tax rate in Water Valley, MS is 0.98%, slightly below the national median of 0.99% and considerably lower than the Mississippi state median of 1.31%. With the median home value in Water Valley at $53,446, the typical annual property tax bill amounts to $516, which is significantly less than the national median of $2,690. Property taxes in Water Valley are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Water Valley's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial 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
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
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 0.98%, slightly below 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 areas in Mississippi and the national median. For comparison, the 38965 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas 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
0.98%
Average Yalobusha County Tax Rate
0.96%
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 | 0.45% | 0.92% | 0.98% | 1.46% | 2.04% |
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 Yalobusha 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 Water Valley, 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 Water Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 38965 in Yalobusha County has the highest and lowest median tax bill, both at $516.
Average Water Valley Assessed Value
$53,446
Average Yalobusha County Assessed Value
$47,647
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 | $12,192 | $30,269 | $53,446 | $78,838 | $121,793 |
Source: Ownwell
Property Tax Bills Across Water Valley, Mississippi
Property tax bills in Water Valley, located in Yalobusha County, MS, are calculated based on the assessed value of a property, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine the tax bill. For instance, with a median home price of $53,446, homeowners can expect varying tax bills depending on their property’s assessed value and specific rate. The tax bill can vary significantly, with the 25th percentile at $268, the 75th percentile at $879, and the 90th percentile reaching $1507. These figures illustrate the range that homeowners in Water Valley might experience, highlighting how property values and local rates influence the final amount. The highest and lowest median tax bills are both $516 in the 38965 zip code, showing a consistent tax rate across the area. Compared to the national median property tax rate of 0.99%, Water Valley's taxes are relatively modest, providing some relief to homeowners.
Average Water Valley Tax Bill
$516
Average Yalobusha County Tax Bill
$443
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 | $120 | $268 | $516 | $879 | $1,507 |
Source: Ownwell