Rea, Missouri Property Taxes
The median property tax rate in REA, MO is 1.11%, slightly above the national median of 0.99% but below the Missouri state median of 1.20%. With a median home value of $83,710 in REA, the typical annual property tax bill amounts to $821, which is lower than the national median of $2,690. Property taxes in REA are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding REA'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 REA or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rea, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$929
Ownwell’s REA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in REA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in REA 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 Rea, Missouri
Property taxes in Rea, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rea is 1.11%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Rea set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rea 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 Rea's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64480 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Rea provides valuable insights into the varying tax landscape across Andrew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rea Tax Rate
1.11%
Average Andrew County Tax Rate
1.22%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rea, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64480 | 0.80% | 0.85% | 1.11% | 1.26% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Rea, Missouri
In REA, Missouri, 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 Andrew County Assessor 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 REA, 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 REA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In REA, the highest and lowest median tax bills are both $821, found in the 64480 zip code.
Average Rea Assessed Value
$83,710
Average Andrew County Assessed Value
$108,235
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rea, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64480 | $19,530 | $42,992 | $83,710 | $148,158 | $216,255 |
Source: Ownwell
Property Tax Bills Across Rea, Missouri
In REA, located in Andrew County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in REA is $83,710. Local tax authorities apply a specific tax rate to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions or deductions. For homeowners in REA, the property tax burden can vary significantly. The 25th percentile tax bill is $427, while the 75th percentile reaches $1,579, and the 90th percentile climbs to $2,474. These figures highlight the range of tax obligations depending on property characteristics and assessed values. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local rates and assessments impact their finances. Accurate knowledge of these factors helps homeowners in REA better manage their property tax responsibilities and plan their budgets effectively.
Average Rea Tax Bill
$821
Average Andrew County Tax Bill
$1,278
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Rea, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64480 | $226 | $427 | $821 | $1,579 | $2,474 |
Source: Ownwell