Richton, Mississippi Property Taxes
The median property tax rate in Richton, MS is 1.16%, which is higher than the national median of 0.99% but lower than the Mississippi state median of 1.31%. With the median home value in Richton at $64,040, the typical annual property tax bill is $875, significantly below the national median of $2,690. Property taxes in Richton are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural use. Understanding Richton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Richton or another part of the city, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Richton, 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 Richton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate 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 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 Richton, 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 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 zip code 39476 has the same median property tax rate of 0.52%. Understanding how these cities compare with Richton provides valuable insights into the varying tax landscape across Jones County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richton Tax Rate
1.16%
Average Jones County Tax Rate
1.30%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | 0.75% | 0.91% | 1.16% | 1.93% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Richton, 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 Jones 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. The median home price in Richton is $64,040, with tax bills ranging from $492 at the 25th percentile to $2,700 at the 90th percentile. The highest and lowest median tax bill in the area is $875, both found in zip code 39476. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richton Assessed Value
$64,040
Average Jones County Assessed Value
$66,415
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | $14,928 | $28,875 | $64,040 | $115,885 | $189,534 |
Source: Ownwell
Property Tax Bills Across Richton, Mississippi
In Richton, located in Jones 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 Richton is $64,040, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Richton can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $492, while at the 75th percentile, it reaches $1,754. Those in the 90th percentile might see a tax bill as high as $2,700. These variations highlight how different factors, such as property improvements or changes in market value, can impact the amount owed. Compared to the national median property tax rate of 0.99%, Richton's property taxes are relatively moderate, providing some financial relief to homeowners in the area while still supporting local infrastructure and services.
Average Richton Tax Bill
$875
Average Jones County Tax Bill
$874
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Richton, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39476 | $181 | $492 | $875 | $1,754 | $2,700 |
Source: Ownwell