Potosi, Missouri Property Taxes
The median property tax rate in Potosi, MO is 0.91%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $45,810 in Potosi, the typical annual property tax bill is $414, significantly below the national median of $2,690. Property taxes in Potosi are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Potosi'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 Potosi or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Potosi, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$417
Ownwell’s Potosi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potosi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potosi 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 Potosi, Missouri
Property taxes in Potosi, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potosi is 0.91%, slightly below the U.S. national median of 0.99%. Local government entities within Potosi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potosi 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 Potosi's effective property tax rate to other areas in Washington County and the national median. For comparison, the 63664 zip code has the highest median property tax rate of 0.91%, while it also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Potosi provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potosi Tax Rate
0.91%
Average Washington County Tax Rate
0.96%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potosi, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63664 | 0.82% | 0.88% | 0.91% | 1.00% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Potosi, Missouri
In Potosi, 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 Washington 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 Potosi, 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. The median home price in Potosi is $45,810, with tax bills ranging from $231 at the 25th percentile to $1,267 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Potosi Assessed Value
$45,810
Average Washington County Assessed Value
$37,210
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potosi, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63664 | $14,724 | $25,500 | $45,810 | $81,580 | $142,380 |
Source: Ownwell
Property Tax Bills Across Potosi, Missouri
In Potosi, Washington County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $45,810, the assessed value is determined by local tax authorities. The tax rate is then applied to this assessed value to calculate the annual property tax bill. Factors such as property improvements, neighborhood changes, and local government budgets can influence both the assessed value and the tax rate. Homeowners in Potosi experience a range of property tax bills. For example, the 25th percentile tax bill is $231, while the 75th percentile tax bill is $719. At the higher end, the 90th percentile tax bill reaches $1,267. The highest median tax bill in the area is $414, observed in the 63664 zip code. These variations illustrate how property taxes can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Potosi's rates reflect local economic conditions and policy decisions.
Average Potosi Tax Bill
$414
Average Washington County Tax Bill
$361
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Potosi, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63664 | $133 | $231 | $414 | $719 | $1,267 |
Source: Ownwell