Richards, Missouri Property Taxes
The median property tax rate in Richards, 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 Richards, the typical annual property tax bill is $442, which is notably less than the national median of $2,690. Property taxes in Richards are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richards' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Richards 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
Richards, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$463
Ownwell’s Richards Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richards with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richards 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 Richards, Missouri
Property taxes in Richards, Missouri, play a crucial role in financing essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richards is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Richards set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richards 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 Richards' effective property tax rate to other areas in Missouri and the national median. For comparison, the highest and lowest median property tax rates in Vernon County are both 0.94%, as seen in the zip code 64778. Understanding how these areas compare with Richards 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 Richards Tax Rate
0.94%
Average Vernon County Tax Rate
1.01%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richards, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64778 | 0.69% | 0.77% | 0.94% | 1.06% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Richards, Missouri
In Richards, 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'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 Richards, 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. For instance, in the 64778 zip code, the median tax bill is $442, reflecting the area's property values and tax rates. Being aware of these valuation processes in Richards helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richards Assessed Value
$49,210
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 Richards, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64778 | $1,250 | $10,710 | $49,210 | $102,250 | $201,110 |
Source: Ownwell
Property Tax Bills Across Richards, Missouri
Property tax bills in Richards, Vernon County, MO are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is regularly determined by the county assessor. In Richards, the median home price is $49,210. Homeowners can expect a tax bill that varies significantly, from as low as $101 at the 25th percentile to as high as $1,664 at the 90th percentile. The median tax bill in the area is $442, which is below the national median property tax rate of 0.99%. Several factors influence these tax bills, including property size, location, and any applicable exemptions or abatements. For homeowners, this means that property taxes can be a manageable expense or a significant financial burden depending on their property's assessed value and the local tax rate. Understanding these factors is crucial for effective financial planning and ensuring that homeowners are not caught off guard by their annual tax obligations.
Average Richards Tax Bill
$442
Average Vernon County Tax Bill
$536
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Richards, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64778 | $15 | $101 | $442 | $957 | $1,664 |
Source: Ownwell