Rich Hill, Missouri Property Taxes
The median property tax rate in Rich Hill, MO is 0.88%, lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $58,150 in Rich Hill, the typical annual property tax bill is $527, significantly below the national median of $2,690. Property taxes in Rich Hill are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rich Hill'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 Rich Hill or another part of Vernon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rich Hill, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$512
Ownwell’s Rich Hill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rich Hill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rich Hill 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 Rich Hill, Missouri
Property taxes in Rich Hill, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rich Hill is 0.88%, lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Rich Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rich Hill 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 Rich Hill's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64779 has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Rich Hill provides valuable insights into the varying tax landscape across Vernon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rich Hill Tax Rate
0.88%
Average Vernon County Tax Rate
1.01%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rich Hill, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64779 | 0.67% | 0.69% | 0.88% | 0.99% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Rich Hill, Missouri
In Rich Hill, 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 Vernon County Assessor 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 Rich Hill, 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 Rich Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $527 in the 64779 zip code, while the lowest median tax bill also stands at $527 in the same zip code.
Average Rich Hill Assessed Value
$58,150
Average Vernon County Assessed Value
$51,890
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rich Hill, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64779 | $5,440 | $25,530 | $58,150 | $122,325 | $185,610 |
Source: Ownwell
Property Tax Bills Across Rich Hill, Missouri
In Rich Hill, located in Vernon County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. The tax rate, also known as the mill rate, is then applied to this assessed value to determine the annual property tax bill. Various factors such as the property's location, size, and condition can influence its assessed value. For homeowners in Rich Hill, the median home price is $58,150. Property tax bills can vary significantly, with the 25th percentile paying around $186 annually and the 75th percentile paying up to $1,099. At the 90th percentile, the tax bill can reach as high as $1,798. These figures highlight the range of property tax burdens within the community, influenced by the differing assessed values of homes. Compared to the national median property tax rate of 0.99%, Rich Hill's rates offer a unique perspective on how local tax policies impact homeowners.
Average Rich Hill Tax Bill
$527
Average Vernon County Tax Bill
$536
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Rich Hill, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64779 | $34 | $186 | $527 | $1,099 | $1,798 |
Source: Ownwell