Richton, Mississippi Property Taxes
The median property tax rate in Richton, MS is 1.56%, 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 $359, significantly 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 Perry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richton, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$642
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 1.56%, significantly higher 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 highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Richton provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richton Tax Rate
1.56%
Average Perry County Tax Rate
1.56%
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 | 0.62% | 0.84% | 1.56% | 1.86% | 2.38% |
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 Perry 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. Being aware of these valuation processes in Richton 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 39476, with a median tax bill of $359.
Average Richton Assessed Value
$41,140
Average Perry County Assessed Value
$39,820
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 | $2,034 | $6,940 | $41,140 | $78,730 | $140,112 |
Source: Ownwell
Property Tax Bills Across Richton, Mississippi
In Richton, located in Perry County, MS, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the property's market value, and this percentage is determined by local tax authorities. For instance, a home with a median market price of $41,140 will have its tax bill calculated using this assessed value. Various factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Richton can expect a wide range of tax bills. For example, the 25th percentile tax bill is around $93, while those in the 75th percentile face about $880. The 90th percentile tax bill can go up to $1,557. Interestingly, the highest and lowest median tax bills in the area are both $359, indicating some consistency in tax assessments within this zip code. Compared to the national median property tax rate of 0.99%, Richton offers relatively affordable property taxes, which can be a significant advantage for homeowners looking to manage their expenses effectively.
Average Richton Tax Bill
$359
Average Perry County Tax Bill
$338
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 | $32 | $93 | $359 | $880 | $1,557 |
Source: Ownwell