Riverton, Missouri Property Taxes
The median property tax rate in Riverton, MO is 0.94%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Riverton, the typical annual property tax bill is $38, which is considerably less than the national median of $2,690. Property taxes in Riverton are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Riverton'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 Riverton 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
Riverton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$38
Ownwell’s Riverton Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Riverton with just two simple data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Riverton to provide an estimate of your property tax bill. This user-friendly tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed insights, scroll down to explore trends at a neighborhood level. Remember, your property’s assessed value is determined by Morgan County for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Riverton, Missouri
Property taxes in Riverton, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverton is 1.19%, higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Riverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverton 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 Riverton's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63017 zip code has the highest median property tax rate of 1.31%, while the 64113 zip code has the lowest median tax rate of 0.77%. Understanding how these cities compare with Riverton 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 Riverton Tax Rate
0.94%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Riverton, Missouri
In Riverton, 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 Riverton, 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 Riverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverton Assessed Value
$4,000
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 Riverton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
Source: Ownwell
Property Tax Bills Across Riverton, Missouri
In Riverton, Morgan County, MO, property tax bills are calculated based on the assessed value of your home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Riverton, the tax rate is a crucial factor, and it can vary depending on local government budgets and school district funding needs. Homeowners in Riverton can expect their property tax bills to be relatively low compared to the national median property tax rate of 0.99%. For instance, the tax bills for the 25th, 75th, and 90th percentiles are all consistent at $38, indicating a stable and predictable tax environment. This low tax burden can make homeownership more affordable and attractive, but it's essential for homeowners to stay informed about any potential changes in local tax rates or assessed property values that could affect their annual tax obligations.
Average Riverton Tax Bill
$38
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62561 | $38 | $38 | $38 | $38 | $38 |
Source: Ownwell