38965 Property Tax Rate

Property owners in ZIP code 38965 (Water Valley, Mississippi) pay a median of $855/year in property taxes on homes valued at $121,500. This translates to an effective tax rate of 0.70%, which is 4% below the Mississippi state average of 0.73%.

The monthly property tax burden for a median-valued home in 38965 is approximately $71, which factors into escrow payments on mortgages. This ZIP code is located within Yalobusha County.

Compared to similar ZIP codes in Mississippi, 38965 has lower property taxes. ZIP codes with similar effective rates include 38953 (0.70%) and 38957 (0.70%).

In Water Valley, property taxes represent approximately 1.5% of the median household income of $57,368, providing context for the relative tax burden on homeowners in this area.

Mississippi has no statewide property tax cap; the Yalobusha County Assessor will reassess your property at market value (the purchase price) upon transfer of ownership. Homeowners age 65+ or permanently disabled may claim the Homestead Exemption to reduce the taxable assessed value — apply with the Yalobusha County Assessor's office to verify your eligibility and obtain your exemption amount. Obtain your Notice of Assessment from the Yalobusha County Assessor and file an appeal with the county board of supervisors within 30 days if you believe the assessed value is excessive.