Ripley, Union County, Mississippi Property Taxes
The median property tax rate in Ripley, MS is 1.51%, considerably higher than both the national median of 0.99% and the Mississippi state median of 1.31%. With the median home value in Ripley, the typical annual property tax bill reaches $373, which is significantly lower than the national median of $2,690. Property taxes in Ripley 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 Ripley'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 Ripley 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
Ripley, Union County, Mississippi Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.51%
Estimate Property Tax Bill
$466
$432
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, Union County, 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 1.51%, significantly higher than 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 areas in Mississippi and the national median. For comparison, the 38663 zip code has the highest median property tax rate of 1.51%, while the same zip code also has the lowest median tax rate of 1.51%. Understanding how these rates compare with Ripley provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ripley Tax Rate
1.51%
Average Union County Tax Rate
1.14%
Average Mississippi Tax Rate
1.31%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ripley, Union County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | 0.79% | 0.88% | 1.51% | 1.94% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Ripley, Union County, 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 Union 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. The median home price in Ripley is $30,850, and the median tax bill varies significantly, with the 25th percentile at $248 and the 90th percentile reaching $1,224. The zip code 38663 has both the highest and lowest median tax bill at $373. Being aware of these valuation processes in Ripley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Ripley, Union County, Mississippi
Source: Ownwell
$30,460
$57,010
$83,560
Average Ripley Assessed Value
$30,850
Average Union County Assessed Value
$62,900
Average Mississippi Assessed Value
$68,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ripley, Union County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $11,070 | $14,035 | $30,850 | $46,805 | $160,644 |
Source: Ownwell
Property Tax Bills Across Ripley, Union County, Mississippi
In Ripley, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, applied to this assessed value, determines the final tax bill. Factors influencing the assessed value include the home's location, size, and condition. In Ripley, the median home price stands at $30,850, significantly lower than the national median. Consequently, tax bills vary widely; for instance, the 25th percentile tax bill is $248, while the 75th percentile reaches $902. The highest median tax bill in the area is $373, which is notably lower than the national median property tax rate of 0.99%. These variations affect homeowners differently, with those owning higher-value properties paying more. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Ripley Tax Bill
$373
Average Union County Tax Bill
$664
Average Mississippi Tax Bill
$854
Average United States Tax Bill
$2,690
Property Tax Bills Across Ripley, Union County, Mississippi
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 38663 | $180 | $248 | $373 | $902 | $1,224 |
Source: Ownwell