Richwoods, Missouri Property Taxes
The median property tax rate in Richwoods, MO is 1.37%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Richwoods, the typical annual property tax bill reaches $488, which is significantly lower than the national median of $2,690. Property taxes in Richwoods 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 Richwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Richwoods 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
Richwoods, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Richwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richwoods 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 Richwoods, Missouri
Property taxes in Richwoods, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwoods is 1.37%, notably higher than the U.S. national median of 0.99%. Local government entities within Richwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwoods 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 Richwoods's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63071 zip code has the highest median property tax rate of 1.37%, while the lowest median tax rate is also 1.37%. Understanding how these cities compare with Richwoods provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwoods Tax Rate
1.37%
Average Jefferson County Tax Rate
1.33%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwoods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | 1.37% | 1.37% | 1.37% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Richwoods, Missouri
In Richwoods, 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 Jefferson 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 Richwoods, 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 Richwoods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Richwoods are both $488, found in zip code 63071.
Average Richwoods Assessed Value
$35,650
Average Jefferson County Assessed Value
$133,600
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwoods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | $22,090 | $27,175 | $35,650 | $44,125 | $49,210 |
Source: Ownwell
Property Tax Bills Across Richwoods, Missouri
Property tax bills in Richwoods, Jefferson County, MO, are calculated based on the assessed value of a property, which is a percentage of its market value. Local tax authorities determine this assessed value, and then apply the local tax rate to calculate the annual tax bill. For homeowners in Richwoods, the median home price is $35,650. The tax bill can vary significantly, with the 25th percentile at $373 and the 75th percentile at $603. Even at the 90th percentile, property taxes remain relatively low at $672. This is notably below the national median property tax rate of 0.99%. These figures illustrate how property taxes in Richwoods are relatively affordable, making it an attractive area for homeowners. The consistency in median tax bills, with both the highest and lowest median tax bills recorded at $488 in the 63071 zip code, further emphasizes the stability and predictability of property tax expenses in this region.
Average Richwoods Tax Bill
$488
Average Jefferson County Tax Bill
$1,729
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwoods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | $304 | $373 | $488 | $603 | $672 |
Source: Ownwell