Ruth, Mississippi Property Taxes
The median property tax rate in Ruth, MS is 2.02%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Ruth, the typical annual property tax bill reaches $213, which is significantly lower than the national median of $2,690. Property taxes in Ruth 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 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 the city, 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
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ruth is 2.02%, significantly higher than both the Mississippi state median 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 zip code 39662 has both the highest and lowest median property tax rate of 2.02%. Understanding how these areas compare with Ruth provides valuable insights into the varying tax landscape across Pike County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ruth Tax Rate
2.02%
Average Pike County Tax Rate
1.91%
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 | 0.94% | 1.33% | 2.02% | 2.06% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Ruth, Mississippi
In Ruth, 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 Pike 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. 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. The highest median tax bill in the area is $213 in the zip code 39662, which is also the lowest median tax bill.
Average Ruth Assessed Value
$14,255
Average Pike County Assessed Value
$23,724
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 | $1,018 | $4,457 | $14,255 | $50,230 | $103,619 |
Source: Ownwell
Property Tax Bills Across Ruth, Mississippi
In Ruth, located in Pike County, MS, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Ruth is $14,255. Property taxes are then determined by applying the local tax rate to this assessed value. For example, homeowners in Ruth can expect tax bills ranging from the 25th percentile at $72 to the 90th percentile at $1,355. These figures show a wide variation, reflecting differences in property values and possible exemptions. Several factors influence a homeowner’s tax bill, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Ruth's property tax rates are relatively modest, which can be beneficial for homeowners looking for more affordable living options. However, even within Ruth, tax bills can vary significantly, affecting household budgets and long-term financial planning.
Average Ruth Tax Bill
$213
Average Pike County Tax Bill
$353
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 | $14 | $72 | $213 | $588 | $1,355 |
Source: Ownwell