Renick, Missouri Property Taxes
The median property tax rate in Renick, MO is 1.14%, which is higher than the national median of 0.99% but slightly lower than the Missouri state median of 1.20%. With a median home value of $32,320 in Renick, the typical annual property tax bill amounts to $271, which is significantly below the national median of $2,690. Property taxes in Renick are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Renick's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether residing in the heart of Renick or elsewhere in Randolph County, gaining insight into the local property tax system is crucial for financial planning and maximizing property investments.
Last Updated June 14, 2024
Renick, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$368
Ownwell’s Renick Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Renick with just two data inputs. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Renick to provide an estimated property tax bill. This user-friendly tool helps you gain a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Renick, Missouri
Property taxes in Renick, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Renick is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Renick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Renick 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 Renick's effective property tax rate to other areas in Missouri and the national median. For comparison, the 65278 zip code has both the highest and lowest median property tax rate of 1.14%. Understanding how these areas compare with Renick provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Renick Tax Rate
1.14%
Average Randolph County Tax Rate
1.24%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Renick, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65278 | 1.04% | 1.14% | 1.14% | 1.19% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Renick, Missouri
In Renick, 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 Randolph 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 Renick, 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. The median home price in Renick is $32,320, with tax bills ranging from $176 at the 25th percentile to $830 at the 90th percentile. The zip code 65278 has the highest and lowest median tax bill at $271. Being aware of these valuation processes in Renick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Renick Assessed Value
$32,320
Average Randolph County Assessed Value
$62,225
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Renick, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65278 | $11,402 | $16,920 | $32,320 | $58,305 | $81,670 |
Source: Ownwell
Property Tax Bills Across Renick, Missouri
In Renick, located in Randolph County, MO, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which is then multiplied by the tax rate set by local taxing authorities. For example, with a median home price of $32,320, homeowners in Renick can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $176, while the 75th percentile tax bill reaches $582. At the 90th percentile, homeowners might see tax bills as high as $830. These tax bills are essential for funding local services such as schools, public safety, and infrastructure. However, they also represent a significant expense for homeowners. Compared to the national median property tax rate of 0.99%, the property tax rates in Renick can be considered relatively moderate, but the exact impact on homeowners will depend on the specific assessed value of their property and the applicable local tax rates.
Average Renick Tax Bill
$271
Average Randolph County Tax Bill
$705
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Renick, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65278 | $129 | $176 | $271 | $582 | $830 |
Source: Ownwell