Baring, Missouri Property Taxes
The median property tax rate in Baring, MO is 1.12%, which is higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $53,880, the typical annual property tax bill in Baring is $486, significantly less than the national median of $2,690. Property taxes in Baring are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Baring'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 Baring 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
Baring, 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 Baring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baring 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 Baring, Missouri
Property taxes in Baring, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baring is 1.12%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Baring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baring 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 Baring's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63531 zip code has the highest median property tax rate of 1.12%, while the 63531 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Baring provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baring Tax Rate
1.12%
Average Scotland County Tax Rate
1.18%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | 0.83% | 0.96% | 1.12% | 1.17% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Baring, Missouri
In Baring, 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 Scotland 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 Baring, 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 Baring helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $486 in the 63531 zip code, while the lowest is also $486 in the same zip code.
Average Baring Assessed Value
$53,880
Average Scotland County Assessed Value
$40,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | $1,350 | $7,650 | $53,880 | $115,400 | $195,376 |
Source: Ownwell
Property Tax Bills Across Baring, Missouri
In Baring, located in Scotland County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Baring is $53,880. The county's tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners in Baring, the tax bills can vary significantly. At the 25th percentile, tax bills are around $85, while at the 75th percentile, they rise to $1,162, and at the 90th percentile, they can reach up to $1,840. Compared to the national median property tax rate of 0.99%, Baring's property taxes can be quite variable but generally align with the broader trends. Homeowners must be aware of these factors as they directly impact the affordability and overall cost of homeownership in the area.
Average Baring Tax Bill
$486
Average Scotland County Tax Bill
$472
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | $15 | $85 | $486 | $1,162 | $1,840 |
Source: Ownwell