Rapid City, Missouri Property Taxes
The median property tax rate in Rapid City, MO is 1.62%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Rapid City, the typical annual property tax bill reaches $65, which is well below the national median of $2,690. Property taxes in Rapid City 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 Rapid City'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 Rapid City 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
Rapid City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.62%
Estimate Property Tax Bill
$71
Ownwell’s Rapid City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rapid City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rapid City 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 Rapid City, Missouri
Property taxes in Rapid City, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rapid City is 1.62%, which is significantly higher than the national median of 0.99%. Local government entities within Rapid City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rapid City 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 Rapid City's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 1.75%, while the lowest median tax rate is 1.45%. Understanding how these cities compare with Rapid City provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rapid City Tax Rate
1.62%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rapid City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Rapid City, Missouri
In Rapid City, 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 Morgan 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 Rapid City, 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. For example, homeowners in the zip code with the highest tax bills can expect to pay around $79, while those in the zip code with the lowest tax bills pay around $56. 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 Rapid City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rapid City Assessed Value
$4,400
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rapid City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Rapid City, Missouri
In Rapid City, Morgan County, MO, property tax bills are determined by assessing the market value of a property and applying the local tax rate to this assessed value. The median home price in Rapid City is $4,400, significantly lower than national averages. Homeowners in this region experience a range of tax bills, with the 25th percentile paying around $56, while those in the 75th percentile see bills of about $74. For the 90th percentile, the tax bill is approximately $79. These figures illustrate the relatively modest property tax burden in Rapid City compared to the national median property tax rate of 0.99%. Various factors influence a homeowner's tax bill, including property size, location, and improvements. Lower property tax bills can make homeownership more affordable, potentially boosting the local real estate market and making it an attractive option for buyers seeking lower living costs. Understanding these factors helps homeowners better anticipate their financial obligations and plan accordingly.
Average Rapid City Tax Bill
$65
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Rapid City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell