Randolph, Mississippi Property Taxes
The median property tax rate in Randolph, MS is 1.00%, slightly higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Randolph at $57,448, the typical annual property tax bill is $707, significantly below the national median of $2,690. Property taxes in Randolph are calculated based on the tax assessed value, which often 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%
Estimate Property Tax Bill
$574
$533
Ownwell’s Randolph Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Randolph with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Randolph to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, you can explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
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 1.00%, 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 the highest median property tax rate of 1.00%, while the 38864 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Randolph provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Randolph Tax Rate
1.00%
Average Calhoun County Tax Rate
1.03%
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 | 0.59% | 0.79% | 1.00% | 1.79% | 1.79% |
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 local 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. For instance, the zip code 38864 has the highest median tax bill at $707. The median home price in Randolph is $57,448, with tax bills ranging from $340 at the 25th percentile to $1,735 at the 90th percentile.
Average Randolph Assessed Value
$57,448
Average Calhoun County Assessed Value
$55,127
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 | $24,553 | $37,556 | $57,448 | $95,537 | $157,175 |
Source: Ownwell
Property Tax Bills Across Randolph, Mississippi
In Randolph, Calhoun County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Randolph is $57,448. Homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $340, while at the 75th percentile, it rises to approximately $977. At the 90th percentile, homeowners might see tax bills as high as $1,735. Several factors influence these tax bills, including the assessed property value and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property’s market value and applies a specific assessment ratio. This assessed value is then multiplied by the local tax rate to determine the final tax bill. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them a crucial part of community funding.
Average Randolph Tax Bill
$707
Average Calhoun County Tax Bill
$645
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 | $255 | $340 | $707 | $977 | $1,735 |
Source: Ownwell