Ruth, Mississippi Property Taxes
The median property tax rate in Ruth, MS, is 1.04%, 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 Ruth, the typical annual property tax bill amounts to $460, which is significantly below the national median of $2,690. Property taxes in Ruth are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Ruth'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 Ruth or another part of Lawrence County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ruth, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$554
$514
Ownwell’s RUTH Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RUTH with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RUTH 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 Ruth, Mississippi
Property taxes in Ruth, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruth is 0.52%, which is lower than both the Mississippi state median of 0.80% and the U.S. national median of 0.99%. Local government entities within Ruth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ruth 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 Ruth's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 39662 zip code has the highest median property tax rate of 0.52%, while the lowest median tax rate is also 0.52%. Understanding how these cities compare with Ruth provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ruth Tax Rate
1.04%
Average Lawrence County Tax Rate
1.23%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ruth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39662 | 0.35% | 0.84% | 1.04% | 1.85% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Ruth, Mississippi
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ruth, Mississippi. 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 Lawrence 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 Ruth, 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. For instance, the median home price in Ruth is $53,293, with tax bills ranging from $169 at the 25th percentile to $1,740 at the 90th percentile. The zip code 39662 has both the highest and lowest median tax bills at $460. 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 Ruth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ruth Assessed Value
$53,293
Average Lawrence County Assessed Value
$54,030
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ruth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39662 | $5,160 | $18,244 | $53,293 | $93,840 | $136,427 |
Source: Ownwell
Property Tax Bills Across Ruth, Mississippi
In Ruth, located in Lawrence County, MS, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Ruth is $53,293, and property taxes are calculated by applying the local tax rate to this assessed value. Homeowners in Ruth can expect their property tax bills to vary significantly. The 25th percentile tax bill stands at $169, while the 75th percentile reaches $982, and the 90th percentile climbs to $1,740. These figures illustrate the range of property tax burdens within the city. Several factors influence the final tax bill, including the home's assessed value, applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Ruth's property taxes can be considered relatively moderate. For homeowners, understanding these components is crucial as they directly impact annual financial planning and overall housing costs. Being aware of potential tax liabilities helps residents manage their expenses more effectively.
Average Ruth Tax Bill
$460
Average Lawrence County Tax Bill
$556
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ruth, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 39662 | $55 | $169 | $460 | $982 | $1,740 |
Source: Ownwell