Raymond, Mississippi Property Taxes
The median property tax rate in Raymond, MS is 1.05%, slightly above the national median of 0.99% but below the Mississippi state median of 1.31%. With the median home value in Raymond at $92,880, the typical annual property tax bill is $832, which is significantly lower than the national median of $2,690. Property taxes in Raymond are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Raymond'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 Raymond 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
Raymond, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$975
Ownwell’s Raymond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raymond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raymond 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 Raymond, Mississippi
Property taxes in Raymond, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Raymond is 1.05%, higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Raymond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raymond 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 Raymond's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39154 zip code has the highest median property tax rate of 1.05%, while the 39154 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Raymond provides valuable insights into the varying tax landscape across Hinds County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raymond Tax Rate
1.05%
Average Hinds County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raymond, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39154 | 0.51% | 0.80% | 1.05% | 1.42% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Raymond, Mississippi
In Raymond, 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 Hinds 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 Raymond, 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 Raymond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Raymond is $832, found in zip code 39154.
Average Raymond Assessed Value
$92,880
Average Hinds County Assessed Value
$63,595
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raymond, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39154 | $20,907 | $43,060 | $92,880 | $151,772 | $234,407 |
Source: Ownwell
Property Tax Bills Across Raymond, Mississippi
In Raymond, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is determined by the local tax assessor and can vary depending on factors such as the property's location, size, and condition. For instance, in Hinds County, the median home price is $92,880. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in Raymond can expect their tax bills to range significantly. For example, the 25th percentile tax bill is around $419, while the 75th percentile tax bill can be as high as $1,531. At the 90th percentile, property taxes can reach up to $2,609. These figures indicate a wide range of tax burdens, reflecting the diversity in property values and conditions within the area. Compared to the national median property tax rate of 0.99%, homeowners in Raymond experience a varied tax impact, influencing their overall financial planning and homeownership costs.
Average Raymond Tax Bill
$832
Average Hinds County Tax Bill
$1,076
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Raymond, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39154 | $223 | $419 | $832 | $1,531 | $2,609 |
Source: Ownwell