Wood River, Missouri Property Taxes
The median property tax rate in Wood River, MO is 0.76%, which is notably lower than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Wood River at $6,100, the typical annual property tax bill amounts to just $46, significantly below the national median of $2,690. Property taxes in Wood River are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Wood River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Wood River or another part of Morgan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wood River, 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 Wood River Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wood River with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wood River 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 Wood River, Missouri
Property taxes in Wood River, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wood River is 0.76%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Wood River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wood River 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 Wood River's effective property tax rate to other areas in Missouri and the national median. For comparison, the 62095 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Wood River 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 Wood River Tax Rate
0.76%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wood River, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Wood River, Missouri
In Wood River, 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 local 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 Wood River, 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, the median home price in Wood River is $6,100, with tax bills in the 25th, 75th, and 90th percentiles all at $46. 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 Wood River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wood River Assessed Value
$6,100
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 Wood River, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $6,100 | $6,100 | $6,100 | $6,100 | $6,100 |
Source: Ownwell
Property Tax Bills Across Wood River, Missouri
In Wood River, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners, this means that the amount they owe in property taxes is directly tied to their home's assessed value. The median home price in Wood River is $6,100, and homeowners at various percentiles—25th, 75th, and 90th—typically see a tax bill of $46. Several factors influence the final tax bill, including the property's location, size, and condition. Local tax rates, which are set by various taxing authorities such as school districts and municipalities, also play a crucial role. Compared to the national median property tax rate of 0.99%, Wood River's property tax rate is relatively low. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes, such as schools and infrastructure, may have fewer resources.
Average Wood River Tax Bill
$46
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Wood River, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62095 | $46 | $46 | $46 | $46 | $46 |
Source: Ownwell