Richton, Greene County, Mississippi Property Taxes
The median property tax rate in Richton, MS is 1.91%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Richton, the typical annual property tax bill reaches $262, though this is still below the national median of $2,690. Property taxes in Richton 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 Richton'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 Richton 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
Richton, Greene County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$418
$388
Ownwell’s Richton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Richton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richton to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Richton, Greene County, Mississippi
Property taxes in Richton, Mississippi, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richton is 0.52%, significantly lower than both the Mississippi state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Richton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richton 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 Richton's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39476 zip code has both the highest and lowest median property tax rate in the area at 0.52%. Understanding how these cities compare with Richton provides valuable insights into the varying tax landscape across Greene County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richton Tax Rate
1.91%
Average Greene County Tax Rate
1.91%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richton, Greene County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | 0.86% | 1.02% | 1.91% | 1.93% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Richton, Greene County, Mississippi
In Richton, 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 Greene 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 Richton, 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. In Richton, the median home price is $21,870, with tax bills ranging from $85 at the 25th percentile to $1,590 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 39476, at $262. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Richton, Greene County, Mississippi
Source: Ownwell
$14,660
$22,630
$30,600
Average Richton Assessed Value
$21,870
Average Greene County Assessed Value
$13,790
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richton, Greene County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | $1,530 | $5,770 | $21,870 | $69,510 | $119,342 |
Source: Ownwell
Property Tax Bills Across Richton, Greene County, Mississippi
In Richton, located in Greene County, MS, property tax bills are calculated based on the assessed value of a home, which is determined by local tax authorities. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For homeowners in Richton, the median home price is $21,870. Tax bills in this area can vary significantly, with the 25th percentile tax bill at $85 and the 75th percentile tax bill reaching $715. The 90th percentile tax bill can go as high as $1,590. These figures highlight the range of property tax obligations that homeowners might face, depending on their property's assessed value and the applicable tax rate. While the highest and lowest median tax bills in Greene County both stand at $262, this is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Richton more affordable compared to other parts of the country.
Average Richton Tax Bill
$262
Average Greene County Tax Bill
$191
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Richton, Greene County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | $27 | $85 | $262 | $715 | $1,590 |
Source: Ownwell