Arcola, Missouri Property Taxes
The median property tax rate in Arcola, Missouri is 1.05%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $49,180 in Arcola, the typical annual property tax bill amounts to $514, which is significantly below the national median of $2,690. Property taxes in Arcola are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Arcola'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 Arcola 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
Arcola, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$516
Ownwell’s Arcola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arcola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arcola 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 Arcola, Missouri
Property taxes in Arcola, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arcola is 1.05%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Arcola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arcola 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 Arcola's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65603 zip code has the highest median property tax rate of 1.05%, while the 65603 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Arcola provides valuable insights into the varying tax landscape across Dade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arcola Tax Rate
1.05%
Average Dade County Tax Rate
1.05%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arcola, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65603 | 0.94% | 0.99% | 1.05% | 1.05% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Arcola, Missouri
In Arcola, 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 Dade 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 Arcola, 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 Arcola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $514 in zip code 65603, while the lowest median tax bill is also $514 in the same zip code.
Average Arcola Assessed Value
$49,180
Average Dade County Assessed Value
$50,295
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arcola, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65603 | $6,880 | $20,100 | $49,180 | $89,850 | $131,468 |
Source: Ownwell
Property Tax Bills Across Arcola, Missouri
In Arcola, located in Dade County, MO, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The median home price in Arcola is $49,180. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For instance, the 25th percentile tax bill is $197, while the 75th percentile tax bill is $887, and the 90th percentile tax bill reaches up to $1,293. These figures indicate a range of what homeowners might expect to pay, depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Arcola's property tax bills can be relatively modest, providing some financial relief to homeowners. However, the impact on individual homeowners varies, influencing their annual financial planning and potentially affecting their decisions regarding property investments and home improvements.
Average Arcola Tax Bill
$514
Average Dade County Tax Bill
$544
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Arcola, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65603 | $71 | $197 | $514 | $887 | $1,293 |
Source: Ownwell