Lake Waukomis, Missouri Property Taxes
The median property tax rate in Lake Waukomis, MO, is 1.46%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $340,047, the typical annual property tax bill in Lake Waukomis reaches $4,979, surpassing the national median of $2,690. Property taxes in Lake Waukomis are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Waukomis'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 Lake Waukomis 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
Lake Waukomis, 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 Lake Waukomis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Waukomis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Waukomis 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 Lake Waukomis, Missouri
Property taxes in Lake Waukomis, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Waukomis is 1.46%, significantly higher than the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lake Waukomis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Waukomis 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 Lake Waukomis's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64151 zip code has the highest median property tax rate of 1.46%, while the same 64151 zip code also has the lowest median tax rate of 1.46%. Understanding how these cities compare with Lake Waukomis provides valuable insights into the varying tax landscape across Platte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Waukomis Tax Rate
1.46%
Average Platte County Tax Rate
1.45%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Waukomis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | 1.46% | 1.46% | 1.46% | 1.46% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Lake Waukomis, Missouri
In Lake Waukomis, 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 Platte 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 Lake Waukomis, 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 Lake Waukomis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $340,047, with the highest and lowest median tax bills both recorded at $4,979 in the 64151 zip code.
Average Lake Waukomis Assessed Value
$340,047
Average Platte County Assessed Value
$243,632
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Waukomis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | $340,047 | $340,047 | $340,047 | $340,047 | $340,047 |
Source: Ownwell
Property Tax Bills Across Lake Waukomis, Missouri
In Lake Waukomis, located in Platte County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by local tax assessors. For example, if the median home price is $340,047, the assessed value would be a fraction of this amount. The local tax rate is then applied to this assessed value to determine the tax bill. Homeowners in Lake Waukomis can expect a median property tax bill of $4,979, which is significantly higher than the national median property tax rate of 0.99%. Factors such as property improvements, changes in market conditions, and local budget requirements can influence the assessed value and, consequently, the tax bill. This higher tax bill can impact homeowners by increasing their annual expenses, making budgeting more challenging. However, it also contributes to local services and infrastructure, which can enhance property values over time.
Average Lake Waukomis Tax Bill
$4,979
Average Platte County Tax Bill
$3,540
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Waukomis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | $4,979 | $4,979 | $4,979 | $4,979 | $4,979 |
Source: Ownwell