Red Banks, Mississippi Property Taxes
The median property tax rate in Red Banks, MS is 1.36%, higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Red Banks, the typical annual property tax bill reaches $672, which is lower than the national median of $2,690. Property taxes in Red Banks 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 Red Banks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Red Banks 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
Red Banks, Mississippi Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
Ownwell’s Red Banks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Red Banks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Red Banks 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 Red Banks, Mississippi
Property taxes in Red Banks, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Banks is 1.36%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Red Banks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Banks 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 Red Banks' effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38661 zip code has both the highest and lowest median property tax rate of 1.36%. Understanding how these cities compare with Red Banks provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Red Banks Tax Rate
1.36%
Average Marshall County Tax Rate
1.72%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Banks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38661 | 0.55% | 0.83% | 1.36% | 1.72% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Red Banks, Mississippi
In Red Banks, 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 Marshall 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 Red Banks, 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. The median home price in Red Banks is $67,430. The highest and lowest median tax bills, both amounting to $672.00, are found in the zip code 38661. Being aware of these valuation processes in Red Banks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Red Banks Assessed Value
$67,430
Average Marshall County Assessed Value
$56,450
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Red Banks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38661 | $9,110 | $29,000 | $67,430 | $125,935 | $191,180 |
Source: Ownwell
Property Tax Bills Across Red Banks, Mississippi
In Red Banks, Marshall County, MS, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a fraction of the property's market value, determined by the county assessor. For instance, the median home price in Red Banks stands at $67,430. Property tax bills in this area vary significantly, with the 25th percentile tax bill at $303 and the 75th percentile at $1,382, while the 90th percentile reaches as high as $2,271. The tax rate in Red Banks is influenced by local government budgets and the needs of public services such as schools, infrastructure, and emergency services. Homeowners in Red Banks with higher property values or those in specific zip codes, like 38661, can expect to pay a median tax bill of around $672. This rate is competitive compared to the national median property tax rate of 0.99%, offering relatively affordable tax obligations for homeowners in the area.
Average Red Banks Tax Bill
$672
Average Marshall County Tax Bill
$600
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Banks, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38661 | $118 | $303 | $672 | $1,382 | $2,271 |
Source: Ownwell