Wheaton, Missouri Property Taxes
The median property tax rate in Wheaton, MO is 0.94%, slightly below both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $50,300 in Wheaton, the typical annual property tax bill amounts to $462, significantly lower than the national median of $2,690. Property taxes in Wheaton are assessed based on the tax-assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wheaton'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 Wheaton or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Wheaton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$473
Ownwell’s Wheaton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wheaton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wheaton 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 Wheaton, Missouri
Property taxes in Wheaton, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wheaton is 0.94%, which is lower than the U.S. national median of 0.99%. Local government entities within Wheaton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wheaton 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 Wheaton's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64874 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Wheaton provides valuable insights into the varying tax landscape across Barry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wheaton Tax Rate
0.94%
Average Barry County Tax Rate
0.86%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wheaton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64874 | 0.85% | 0.92% | 0.94% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Wheaton, Missouri
In Wheaton, 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 Barry 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 Wheaton, 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 instance, the median home price in Wheaton is $50,300, with tax bills ranging from $330 at the 25th percentile to $685 at the 90th percentile. The highest and lowest median tax bills, both at $462, are found in zip code 64874. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wheaton Assessed Value
$50,300
Average Barry County Assessed Value
$82,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wheaton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64874 | $23,500 | $35,950 | $50,300 | $61,050 | $78,300 |
Source: Ownwell
Property Tax Bills Across Wheaton, Missouri
In Wheaton, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $50,300, the tax bill varies significantly across different percentiles. The 25th percentile tax bill stands at $330, while the 75th percentile reaches $567, and the 90th percentile hits $685. The highest and lowest median tax bills in the area are both $462, found in the 64874 zip code. These figures show that property taxes in Wheaton can vary widely depending on the assessed value of the property and the specific tax rates applied. Factors such as property improvements, location within the county, and local tax levies also play a role in determining the final bill. Homeowners in Wheaton should be aware of these variables, as they can significantly affect annual tax obligations. Comparatively, the national median property tax rate is 0.99%, making Wheaton's tax rates relatively moderate.
Average Wheaton Tax Bill
$462
Average Barry County Tax Bill
$696
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Wheaton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64874 | $212 | $330 | $462 | $567 | $685 |
Source: Ownwell