Russellville, Missouri Property Taxes
The median property tax rate in Russellville, MO is 1.03%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $121,900 in Russellville, the typical annual property tax bill amounts to $1,262, which is below the national median of $2,690. Property taxes in Russellville are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Russellville'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 Russellville 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
Russellville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$1,256
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 vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russellville is 1.03%, higher than both the Missouri state median and 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 65074 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Russellville provides valuable insights into the varying tax landscape across Cole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russellville Tax Rate
1.03%
Average Cole County Tax Rate
1.08%
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 | 0.96% | 1.01% | 1.03% | 1.17% | 1.18% |
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 Cole 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 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. 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. The highest median tax bill in Russellville is $1,262 in the 65074 zip code, which is significantly higher than the national median property tax rate of 0.99%. The lowest median tax bill also stands at $1,262 in the same zip code.
Average Russellville Assessed Value
$121,900
Average Cole County Assessed Value
$135,700
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 | $42,020 | $80,800 | $121,900 | $171,400 | $246,920 |
Source: Ownwell
Property Tax Bills Across Russellville, Missouri
In Russellville, Cole County, MO, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the county assessor and represents a percentage of your home's market value. This value is then multiplied by the local tax rate to determine your annual property tax bill. Factors such as property size, location, and any improvements can influence the assessed value. For homeowners in Russellville, the tax bill can vary significantly. For example, the tax bill at the 25th percentile is around $852, while at the 75th percentile, it can reach up to $1785. At the 90th percentile, homeowners might see a tax bill as high as $2408. The median home price in Russellville is $121,900, which helps give context to these figures. Compared to the national median property tax rate of 0.99%, Russellville's property taxes can be seen as relatively moderate, but they still represent a significant annual expense for homeowners.
Average Russellville Tax Bill
$1,262
Average Cole County Tax Bill
$1,444
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 | $460 | $852 | $1,262 | $1,785 | $2,408 |
Source: Ownwell