Russellville, Missouri Property Taxes
The median property tax rate in Russellville, MO is 0.87%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $2000 in Russellville, the typical annual property tax bill amounts to $28, significantly under the national median of $2,690. Property taxes in Russellville are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Russellville's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're situated in the heart of Russellville or another part of the city, familiarizing yourself with the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Russellville, 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 Russellville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russellville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russellville 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 Russellville, Missouri
Property taxes in Russellville, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Russellville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russellville 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 Russellville's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65074 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Russellville 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 Russellville Tax Rate
0.87%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russellville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65074 | 0.82% | 0.84% | 0.87% | 1.13% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Russellville, Missouri
In Russellville, 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 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 Russellville, 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 example, the zip codes with the highest and lowest tax bills in Russellville reveal significant differences: the 25th percentile tax bill is $17, while the 75th percentile tax bill is $533. 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 Russellville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Russellville Assessed Value
$2,000
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 Russellville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65074 | $1,040 | $1,400 | $2,000 | $60,500 | $95,600 |
Source: Ownwell
Property Tax Bills Across Russellville, Missouri
In Russellville, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For example, if the median home price is $2,000, the assessed value will be a fraction of that amount. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the final tax amount, including the property's location, the local tax rate, and any applicable exemptions or deductions. In Russellville, the 25th percentile tax bill is $17, while the 75th percentile reaches $533, and the 90th percentile is $836. These figures show a wide range of property tax bills, reflecting variations in property values and individual circumstances. For homeowners, understanding these factors is crucial as property taxes can significantly impact overall housing costs. Compared to the national median property tax rate of 0.99%, Russellville's rates may offer some relief or pose a higher burden, depending on the specific assessed value and applicable rates.
Average Russellville Tax Bill
$28
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Russellville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65074 | $11 | $17 | $28 | $533 | $836 |
Source: Ownwell