Oak Ridge, Missouri Property Taxes
The median property tax rate in Oak Ridge, MO is 0.92%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Oak Ridge at $100,558, the typical annual property tax bill amounts to $885, which is considerably less than the national median of $2,690. Property taxes in Oak Ridge are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oak Ridge'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 Oak Ridge 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
Oak Ridge, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$925
Ownwell’s Oak Ridge Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oak Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Ridge to estimate your property tax bill. This intuitive 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 Oak Ridge, Missouri
Property taxes in Oak Ridge, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Ridge is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Oak Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Ridge 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 Oak Ridge's effective property tax rate to other areas in Missouri and the national median. For comparison, the 63769 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Oak Ridge provides valuable insights into the varying tax landscape across Cape Girardeau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak Ridge Tax Rate
0.92%
Average Cape Girardeau County Tax Rate
0.97%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Ridge, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63769 | 0.76% | 0.86% | 0.92% | 0.96% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Oak Ridge, Missouri
In Oak Ridge, 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 Cape Girardeau 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 Oak Ridge, 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. The median home price in Oak Ridge is $100,558, with tax bills ranging from $598 at the 25th percentile to $2,027 at the 90th percentile. The highest median tax bill is $885 in zip code 63769, which also has the lowest median tax bill of $885. 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 Oak Ridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Ridge Assessed Value
$100,558
Average Cape Girardeau County Assessed Value
$116,512
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak Ridge, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63769 | $43,184 | $65,018 | $100,558 | $153,860 | $224,387 |
Source: Ownwell
Property Tax Bills Across Oak Ridge, Missouri
In Oak Ridge, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Oak Ridge is $100,558. Property taxes are determined by applying the local tax rate to the assessed value. For homeowners, this means that the amount they owe can vary significantly depending on the value of their property and the specific tax rate applied in their area. Several factors influence the final tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Oak Ridge is $598, while the 75th percentile tax bill is $1,357, and the 90th percentile tax bill reaches $2,027. These figures indicate that tax bills can range widely, impacting homeowners differently based on their property values. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Oak Ridge to understand how their local rates and assessed values affect their annual tax obligations.
Average Oak Ridge Tax Bill
$885
Average Cape Girardeau County Tax Bill
$1,109
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Ridge, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63769 | $398 | $598 | $885 | $1,357 | $2,027 |
Source: Ownwell