Richland, Missouri Property Taxes
The median property tax rate in Richland, MO is 0.79%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Richland at $74,700, the typical annual property tax bill amounts to $581, significantly less than the national median of $2,690. Property taxes in Richland 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 Richland'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 Richland 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
Richland, 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 Richland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richland 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 Richland, Missouri
Property taxes in Richland, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Richland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richland 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 Richland's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65556 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Richland provides valuable insights into the varying tax landscape across Laclede County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
0.79%
Average Laclede County Tax Rate
1.10%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richland, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65556 | 0.70% | 0.75% | 0.79% | 0.84% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Richland, Missouri
In Richland, 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 Laclede County Assessor's Office 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 Richland, 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 Richland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 65556 has the highest and lowest median tax bill at $581.
Average Richland Assessed Value
$74,700
Average Laclede County Assessed Value
$72,400
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richland, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65556 | $23,700 | $41,625 | $74,700 | $119,750 | $178,900 |
Source: Ownwell
Property Tax Bills Across Richland, Missouri
In Richland, located in Laclede County, MO, 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 $74,700, the assessed value is determined by local assessment rates. The tax rate, applied to this assessed value, ultimately determines the tax bill. Factors such as property size, location, and improvements can influence the assessed value, and by extension, the tax bill. Homeowners in Richland can expect their tax bills to vary significantly. The 25th percentile tax bill is around $341, while the 75th percentile reaches up to $978, and the 90th percentile can be as high as $1,430. Comparatively, the median property tax bill in the region is $581, which is considerably lower than the national median property tax rate of 0.99%. These taxes are crucial as they fund local services, including schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Richland Tax Bill
$581
Average Laclede County Tax Bill
$742
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Richland, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65556 | $186 | $341 | $581 | $978 | $1,430 |
Source: Ownwell