Worthington, Missouri Property Taxes
The median property tax rate in Worthington, MO is 1.25%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Worthington, the typical annual property tax bill reaches $231, which is significantly lower than the national median of $2,690. Property taxes in Worthington 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 Worthington'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 Worthington 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
Worthington, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$250
Ownwell’s Worthington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Worthington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Worthington 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 Worthington, Missouri
Property taxes in Worthington, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Worthington is 0.75%, which is lower than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Worthington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Worthington 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 Worthington's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63567 zip code has the highest median property tax rate of 0.75%, while the 63567 zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Worthington provides valuable insights into the varying tax landscape across Putnam County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Worthington Tax Rate
1.25%
Average Putnam County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Worthington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63567 | 1.00% | 1.12% | 1.25% | 1.44% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Worthington, Missouri
In Worthington, 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 Putnam 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 Worthington, 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. Worthington’s median home price stands at $19,970, with tax bills ranging from $86 at the 25th percentile to $1,365 at the 90th percentile. The highest and lowest median tax bills, both $231, are found in the 63567 zip code. 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 their tax burden.
Average Worthington Assessed Value
$19,970
Average Putnam County Assessed Value
$54,500
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Worthington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63567 | $4,526 | $7,010 | $19,970 | $55,890 | $113,066 |
Source: Ownwell
Property Tax Bills Across Worthington, Missouri
In Worthington, located in Putnam County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Worthington is $19,970, and property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, the local tax rate, and any applicable exemptions or deductions. Homeowners in Worthington can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $86, while the 75th percentile tax bill rises to $605. At the higher end, the 90th percentile tax bill reaches $1,365. These variations highlight the impact of property value assessments and local tax rates on homeowners' finances. Compared to the national median property tax rate of 0.99%, Worthington's property tax bills reflect a more affordable range, providing some financial relief to homeowners in the area.
Average Worthington Tax Bill
$231
Average Putnam County Tax Bill
$636
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Worthington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63567 | $63 | $86 | $231 | $605 | $1,365 |
Source: Ownwell