Randolph, Mississippi Property Taxes
The median property tax rate in Randolph, MS is 1.35%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Randolph, the typical annual property tax bill reaches $846, which is significantly lower than the national median of $2,690. Property taxes in Randolph 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 Randolph'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 Randolph 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
Randolph, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$802
Ownwell’s Randolph Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Randolph 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 Randolph, Mississippi
Property taxes in Randolph, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Randolph is 1.35%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Randolph set these rates annually, and they can vary significantly across different neighborhoods. Each year, Randolph 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 Randolph's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38864 zip code has both the highest and lowest median property tax rate of 1.35%. Understanding how these cities compare with Randolph provides valuable insights into the varying tax landscape across Pontotoc, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randolph Tax Rate
1.35%
Average Pontotoc County Tax Rate
1.32%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Randolph, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38864 | 1.28% | 1.29% | 1.35% | 1.92% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Randolph, Mississippi
In Randolph, 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 Pontotoc 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 Randolph, 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 Randolph helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill of $846.00 is 38864, which also has the lowest median tax bill of $846.00.
Average Randolph Assessed Value
$59,421
Average Pontotoc County Assessed Value
$62,532
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Randolph, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38864 | $15,004 | $29,573 | $59,421 | $93,243 | $138,528 |
Source: Ownwell
Property Tax Bills Across Randolph, Mississippi
In Randolph, located in Pontotoc 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 local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $59,421, homeowners in Randolph can expect a range of tax bills. The 25th percentile tax bill is around $443, while the 75th percentile reaches $1,330, and the 90th percentile goes up to $1,964. These figures indicate that property tax bills can vary significantly depending on the home's assessed value and the applicable tax rate. Homeowners with properties in the zip code 38864 experience a median tax bill of $846. Compared to the national median property tax rate of 0.99%, Randolph's rates offer a glimpse into the local economic landscape, affecting homeowners' annual financial planning and the overall affordability of maintaining a property in the area.
Average Randolph Tax Bill
$846
Average Pontotoc County Tax Bill
$913
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Randolph, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38864 | $235 | $443 | $846 | $1,330 | $1,964 |
Source: Ownwell