Ripley, Mississippi Property Taxes
The median property tax rate in Ripley, MS is 1.07%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With a median home value of $25,235 in Ripley, the typical annual property tax bill amounts to $193, well below the national median of $2,690. Property taxes in Ripley are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Ripley'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 Ripley 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
Ripley, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$270
Ownwell’s Ripley Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ripley with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Ripley to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. If you’re curious about trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Ripley, Mississippi
Property taxes in Ripley, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ripley is 1.07%, which is higher than the U.S. national median of 0.99%. Local government entities within Ripley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ripley 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 Ripley's effective property tax rate to other counties in Mississippi and the national median. For comparison, the zip code 38663 has both the highest and lowest median property tax rate of 1.07%. Understanding how these cities compare with Ripley provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ripley Tax Rate
1.07%
Average Benton County Tax Rate
1.92%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | 0.50% | 0.87% | 1.07% | 1.92% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Ripley, Mississippi
In Ripley, 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 Benton County Assessment Office 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 Ripley, 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 Ripley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Ripley is $193.00 in the 38663 zip code, while the lowest median tax bill is also $193.00 in the same zip code.
Average Ripley Assessed Value
$25,235
Average Benton County Assessed Value
$21,390
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $1,524 | $4,160 | $25,235 | $70,450 | $107,034 |
Source: Ownwell
Property Tax Bills Across Ripley, Mississippi
In Ripley, located in Benton County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Ripley stands at $25,235. Property tax rates are applied to this assessed value to determine the annual tax bill. The tax bill can vary significantly, with the 25th percentile at $71 and the 75th percentile at $655, indicating a wide range of property values and tax burdens within the city. The 90th percentile tax bill reaches up to $918, showcasing the higher end of property taxes in the area. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, these tax bills represent a critical part of annual expenses. Compared to the national median property tax rate of 0.99%, Ripley offers relatively lower property tax bills, making it an attractive location for homeowners seeking affordability in their property-related costs.
Average Ripley Tax Bill
$193
Average Benton County Tax Bill
$264
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $14 | $71 | $193 | $655 | $918 |
Source: Ownwell