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 $253, which is significantly lower than 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 Wayne County, comprehending 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
$2,500,000
$5,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,620
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, play a crucial role 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 both the highest and lowest median property tax rate of 1.56%. Understanding how these cities compare with Richton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richton Tax Rate
1.56%
Average Wayne 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 | 0.64% | 0.84% | 1.56% | 1.59% | 1.61% |
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 Wayne 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. 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 median home price in Richton is $25,560, with tax bills ranging from $104 at the 25th percentile to $1,128 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 39476, with a value of $253.
Average Richton Assessed Value
$25,560
Average Wayne County Assessed Value
$30,525
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 | $3,150 | $7,240 | $25,560 | $75,825 | $119,490 |
Source: Ownwell
Property Tax Bills Across Richton, Mississippi
In Richton, located in Wayne County, MS, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For example, with a median home price of $25,560, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The tax bill in Richton can range significantly, with the 25th percentile paying around $104 and the 75th percentile paying up to $630. The top 10% of homeowners might see tax bills as high as $1,128. This variability means that while some homeowners enjoy relatively low property taxes, others may face higher bills, impacting their overall housing costs. Compared to the national median property tax rate of 0.99%, Richton's tax bills are relatively modest, making it an appealing option for budget-conscious homeowners.
Average Richton Tax Bill
$253
Average Wayne County Tax Bill
$321
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 | $39 | $104 | $253 | $630 | $1,128 |
Source: Ownwell