Platte City, Missouri Property Taxes
The median property tax rate in Platte City, MO is 1.26%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Platte City, the typical annual property tax bill reaches $3,181, exceeding the national median of $2,690. Property taxes in Platte 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 Platte 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 Platte 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
Platte City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$3,036
Ownwell’s Platte City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Platte City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Platte 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 Platte City, Missouri
Property taxes in Platte 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 Platte City is 1.26%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Platte City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Platte 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 Platte City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64079 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Platte City 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 Platte City Tax Rate
1.26%
Average Platte County Tax Rate
1.45%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Platte City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | 1.26% | 1.26% | 1.26% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Platte City, Missouri
In Platte 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 Platte 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 Platte 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. 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 Platte City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $3,181, and are found in the zip code 64079.
Average Platte City Assessed Value
$240,987
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 Platte City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | $132,029 | $168,987 | $240,987 | $327,374 | $418,594 |
Source: Ownwell
Property Tax Bills Across Platte City, Missouri
In Platte City, MO, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. Homeowners in Platte City can expect a median home price of $240,987. The property tax rate applied to this assessed value determines the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and overall market conditions. For example, a homeowner in the 25th percentile might pay around $2,322 annually, while those in the 75th percentile could see bills as high as $4,207. At the 90th percentile, the tax bill can reach up to $5,338. These tax bills have a significant impact on homeowners, affecting their annual budgets and long-term financial planning. The highest median tax bill in the area is $3,181, found in the 64079 zip code, which is above the national median property tax rate of 0.99%.
Average Platte City Tax Bill
$3,181
Average Platte County Tax Bill
$3,540
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Platte City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | $1,697 | $2,322 | $3,181 | $4,207 | $5,338 |
Source: Ownwell