Example of Rankin County Property Tax Calculation
In Rankin County, property taxes are calculated based on the assessed value of the property. To determine the assessed value, the county tax assessor will evaluate the property and consider factors such as its location, size, and overall condition. Once the assessed value has been determined, a tax rate is applied to calculate the amount of property tax owed.
For example, if a property in Rankin County has an assessed value of $100,000 and the tax rate is 1%, the annual property tax owed would be $1,000. It's important to note that property taxes may also include additional fees for things like school districts, fire departments, and other local services.
Overall, it's important for property owners in Rankin County to stay informed about their property tax obligations and to pay them on time to avoid any penalties or legal issues.
If you want appeal your property tax assessment - contact your local tax assessor.
Rankin County Property Tax Rates
The following table shows the Rankin County property tax rates expressed as the rate per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County | $0.98 |
| School | $1.27 |
| Municipal | Varies by City |
It is important to note that the municipal tax rates in Rankin County vary by city, so it is recommended to check with the specific city's tax assessor's office for accurate information. Overall, property owners in Rankin County can expect to pay a combined tax rate of $2.25 per $100 of assessed value (not including any special assessments or fees).
Who sets property tax rates in Rankin County ?
In Rankin County, property tax rates are set by the Board of Supervisors. This board is made up of elected officials who represent the county and its constituents. The property tax rates are typically set annually during a public meeting where the board reviews the county's budget and determines the necessary tax rate to fund county services and operations. The tax rate is based on the assessed value of each property and is expressed as a percentage of that value. It is important for property owners in Rankin County to understand the property tax system and how it affects them. By staying informed and engaged, property owners can ensure that they are paying a fair and appropriate amount in property taxes each year.
Homestead exemptions in Rankin County ?
In Rankin County, Mississippi, there are several county-specific Homestead exemptions and deductions available for eligible residents. To simplify the search, we have created a table with columns for exemption, eligibility, amount, and notes. Check out the list below to see if you qualify for any of these exemptions or deductions.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead | Resident of Rankin County, MS | Up to $7,500 | Must file application with Tax Assessor's office |
| Senior Citizen | 65 years or older, resident of Rankin County, MS | Up to $75,000 | Must file application with Tax Assessor's office |
| Disabled Veteran | Veteran with service-connected disability of 100% or higher, resident of Rankin County, MS | Up to $7,500 | Must file application with Tax Assessor's office |
| Disabled | Disabled individual, resident of Rankin County, MS | Up to $7,500 | Must file application with Tax Assessor's office |
| Educational | Resident of Rankin County, MS, enrolled in full-time education program | Up to $7,500 | Must file application with Tax Assessor's office |
| Agricultural | Owner of at least 5 acres of agricultural land, resident of Rankin County, MS | Up to $7,500 | Must file application with Tax Assessor's office |
It's important to note that each exemption and deduction has specific eligibility requirements and may require an application to be filed with the Tax Assessor's office. For more information on how to apply and eligibility requirements, please contact the Rankin County Tax Assessor's office.
When is Rankin County Property Tax due ?
Rankin County Property Tax Due Date and Payment Methods
Rankin County property taxes are typically due on February 1st of each year. However, if February 1st falls on a weekend or holiday, the due date is extended to the next business day.
There are several payment methods available to property owners in Rankin County. These include:
| Payment Method | Details |
|---|---|
| Payments can be mailed to the Rankin County Tax Collector's Office at P.O. Box 1599, Brandon, MS 39043. The postmark date will be considered the payment date. | |
| In-Person | Payments can be made in person at the Rankin County Tax Collector's Office located at 211 E Government St, Brandon, MS 39042. Office hours are Monday-Friday, 8:00 am - 5:00 pm. |
| Online | Payments can be made online through the Rankin County Tax Collector's website at https://www.rankincounty.org/TaxCollector. A convenience fee will be charged for online payments. |
It is important to note that if property taxes are not paid by the due date, interest and penalties will be added to the amount owed. Property owners should also be aware that failure to pay property taxes can result in the sale of the property at a tax sale.
If you have more questions - contact your local tax collector.
How is Rankin County Property Tax penalty calculated ?
Rankin County calculates property tax penalties based on the amount owed and the number of days past the deadline to pay. The penalty is a percentage of the unpaid tax balance and is calculated as follows:
- On the first day after the due date, a 1% penalty is added to the unpaid tax balance.
- On the 15th day after the due date, an additional 1% penalty is added for a total of 2%.
- On the 30th day after the due date, an additional 1% penalty is added for a total of 3%.
- On the 45th day after the due date, an additional 1% penalty is added for a total of 4%.
- On the 60th day after the due date, an additional 1% penalty is added for a total of 5%.
- On the 75th day after the due date, an additional 1% penalty is added for a total of 6%.
For example, if a property owner owes $1,000 in property taxes and fails to pay by the due date of January 31st, the penalty would be calculated as follows:
- February 1st: $1,000 x 1% = $10 penalty
- February 15th: $1,000 x 1% = $10 penalty (total penalty is now $20)
- March 1st: $1,000 x 1% = $10 penalty (total penalty is now $30)
- March 16th: $1,000 x 1% = $10 penalty (total penalty is now $40)
- April 1st: $1,000 x 1% = $10 penalty (total penalty is now $50)
- April 16th: $1,000 x 1% = $10 penalty (total penalty is now $60)
Therefore, if the property owner pays the $1,000 in property taxes on April 16th, they would owe a total of $1,060 ($1,000 unpaid tax balance plus $60 penalty).
It is important for property owners to pay their property taxes on time to avoid penalties and additional fees. If they are unable to pay on time, they should contact the Rankin County tax office to discuss payment options and avoid further penalties.
We recommend contacting the Rankin County Tax Office or a local tax professional for the most up-to-date and accurate information.