Ripley, Mississippi Property Taxes
The median property tax rate in Ripley, MS is 1.39%, notably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With a median home value of $48,700 in Ripley, the typical annual property tax bill amounts to $741, which is significantly lower than the national median of $2,690. Property taxes in Ripley are based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Ripley'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 Ripley or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ripley, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$677
$628
Ownwell’s Ripley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ripley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ripley 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 Ripley, Mississippi
Property taxes in Ripley, Mississippi, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ripley is 1.39%, significantly higher than both the Mississippi state median and the U.S. national median of 0.99%. Local government entities within Ripley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ripley 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 Ripley's effective property tax rate to other counties in Mississippi and the national median. For comparison, the 38663 zip code has the highest median property tax rate of 1.39%, while the 38663 zip code also has the lowest median tax rate of 1.39%. Understanding how these cities compare with Ripley provides valuable insights into the varying tax landscape across Tippah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ripley Tax Rate
1.39%
Average Tippah County Tax Rate
1.38%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | 0.65% | 1.16% | 1.39% | 2.39% | 2.51% |
Source: Ownwell
Property Tax Assessment Values Across Ripley, Mississippi
In Ripley, 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 Tippah 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 Ripley, 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 Ripley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ripley both stand at $741 in the 38663 zip code, reflecting a balanced tax environment.
Average Ripley Assessed Value
$48,700
Average Tippah County Assessed Value
$46,380
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $11,790 | $29,075 | $48,700 | $80,605 | $127,510 |
Source: Ownwell
Property Tax Bills Across Ripley, Mississippi
In Ripley, property tax bills are calculated based on the assessed value of a property, which is determined by the Tippah County Assessor's Office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For Ripley, the median home price is $48,700, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $407, while the 75th percentile tax bill is approximately $1,230. At the higher end, the 90th percentile tax bill reaches up to $1,957. These figures highlight the range of property tax burdens homeowners can face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Ripley's rates can be seen as relatively moderate. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Ripley Tax Bill
$741
Average Tippah County Tax Bill
$673
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ripley, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $165 | $407 | $741 | $1,230 | $1,957 |
Source: Ownwell