Richland, Mississippi Property Taxes
The median property tax rate in Richland, MS is 2.33%, significantly higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $12,000 in Richland, the typical annual property tax bill reaches $281, which is below the national median of $2,690. Property taxes in Richland are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Richland'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 Richland 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
Richland, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.33%
Estimate Property Tax Bill
$280
Ownwell’s Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richland 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 Richland, Mississippi
Property taxes in Richland, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 0.96%, which is lower than both the Mississippi state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39218 zip code has the highest median property tax rate of 0.96%, while the same zip code also represents the lowest median tax rate of 0.96%. Understanding how these cities compare with Richland provides valuable insights into the varying tax landscape across Rankin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
2.33%
Average Hinds County Tax Rate
1.81%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39218 | 1.88% | 2.05% | 2.33% | 2.61% | 2.77% |
Source: Ownwell
Property Tax Assessment Values Across Richland, Mississippi
In Richland, 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. 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 Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 39218 has both the highest and lowest median tax bills, valued at $281.
Average Richland Assessed Value
$12,000
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 Richland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39218 | $11,704 | $11,815 | $12,000 | $12,185 | $12,296 |
Source: Ownwell
Property Tax Bills Across Richland, Mississippi
In Richland, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $12,000, the assessed value is determined by local assessment rates. The tax rate is then applied to this assessed value to generate the property tax bill. Factors such as the property's location within Hinds County and any applicable exemptions also play a role in the final tax amount. Property tax bills in Richland can vary significantly, with the 25th percentile tax bill at $244 and the 75th percentile at $319. The 90th percentile tax bill reaches $342, indicating a range influenced by property values and assessment practices. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs. Compared to the national median property tax rate of 0.99%, Richland's property tax rates highlight the importance of local assessment policies and their effect on individual financial obligations.
Average Richland Tax Bill
$281
Average Hinds County Tax Bill
$1,076
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39218 | $221 | $244 | $281 | $319 | $342 |
Source: Ownwell