Raleigh, Mississippi Property Taxes
The median property tax rate in Raleigh, MS is 0.93%, which is lower than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Raleigh, the typical annual property tax bill reaches $566, significantly below the national median of $2,690. Property taxes in Raleigh are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Raleigh'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 Raleigh 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
Raleigh, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$557
Ownwell’s Raleigh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Raleigh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Raleigh 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 Raleigh, Mississippi
Property taxes in Raleigh, Mississippi, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Raleigh is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Raleigh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Raleigh 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 Raleigh's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39153 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Raleigh provides valuable insights into the varying tax landscape across Smith County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Raleigh Tax Rate
0.93%
Average Smith County Tax Rate
0.83%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Raleigh, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39153 | 0.40% | 0.63% | 0.93% | 1.54% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Raleigh, Mississippi
In Raleigh, 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 Smith 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 Raleigh, 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 Raleigh 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 is 39153, with a median bill of $566, which is the same for the lowest median tax bill in the same zip code.
Average Raleigh Assessed Value
$59,860
Average Smith County Assessed Value
$63,970
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Raleigh, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39153 | $18,463 | $38,075 | $59,860 | $97,212 | $145,305 |
Source: Ownwell
Property Tax Bills Across Raleigh, Mississippi
Property tax bills in Raleigh, Smith County, MS, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Various factors such as location, property size, and improvements can influence this market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. In Raleigh, homeowners experience a range of property tax bills. The 25th percentile tax bill is around $310, indicating that a quarter of homeowners pay this amount or less. Conversely, the 75th percentile tax bill is about $1,004, and the 90th percentile tax bill reaches up to $1,651. Comparatively, the national median property tax rate is 0.99%, making Raleigh's property tax landscape relatively moderate. This variability in tax bills can significantly impact homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Raleigh Tax Bill
$566
Average Smith County Tax Bill
$565
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Raleigh, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39153 | $145 | $310 | $566 | $1,004 | $1,651 |
Source: Ownwell