Richland, Missouri Property Taxes
The median property tax rate in Richland, MO is 1.61%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Richland at $55,950, the typical annual property tax bill reaches $538, which is below 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
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$901
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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richland is 1.61%, significantly higher than both the Missouri state median and 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 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Richland provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richland Tax Rate
1.61%
Average Morgan County Tax Rate
0.87%
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 | 1.07% | 1.28% | 1.61% | 1.95% | 2.15% |
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 Morgan 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. For example, the median home price in Richland is $55,950, with tax bills ranging from $290 at the 25th percentile to $936 at the 90th percentile. The zip code 65556 has the highest and lowest median tax bill at $538. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richland Assessed Value
$55,950
Average Morgan County Assessed Value
$49,350
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 | $12,630 | $28,875 | $55,950 | $83,025 | $99,270 |
Source: Ownwell
Property Tax Bills Across Richland, Missouri
In Richland, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the home's market value. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in Richland, the median home price is $55,950. Property tax bills can vary significantly, with the 25th percentile tax bill at $290 and the 75th percentile tax bill at $787. At the 90th percentile, homeowners might see tax bills as high as $936. The highest and lowest median tax bills in the area are both $538, indicating some consistency within specific zip codes. These property tax bills can impact homeowners by influencing their overall housing costs and budgeting. Compared to the national median property tax rate of 0.99%, the rates in Richland could be more favorable, providing some financial relief to local homeowners.
Average Richland Tax Bill
$538
Average Morgan County Tax Bill
$420
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 | $141 | $290 | $538 | $787 | $936 |
Source: Ownwell