Licking, Missouri Property Taxes
The median property tax rate in Licking, MO is 0.67%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Licking, the typical annual property tax bill is $363, well below the national median of $2,690. Property taxes in Licking 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 Licking's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Licking or another part of Dent County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Licking, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Licking Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Licking with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Licking 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 Licking, Missouri
Property taxes in Licking, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Licking is 0.82%, lower than the Missouri state median of 0.97% and the U.S. national median of 0.99%. Local government entities within Licking set these rates annually, and they can vary significantly across different neighborhoods. Each year, Licking 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 Licking's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65542 zip code has the highest median property tax rate of 0.82%, while the same 65542 zip code also has the lowest median tax rate of 0.82%. Understanding how these areas compare with Licking provides valuable insights into the varying tax landscape across Dent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Licking Tax Rate
0.67%
Average Dent County Tax Rate
0.76%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Licking, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | 0.61% | 0.62% | 0.67% | 0.67% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Licking, Missouri
In Licking, 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 Dent 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 Licking, 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. For example, the median home price in Licking is $35,850, with tax bills ranging from $172 at the 25th percentile to $1,063 at the 90th percentile. The highest median tax bill in the area is $363 in the 65542 zip code, which is also the lowest median 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 Licking helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Licking Assessed Value
$35,850
Average Dent County Assessed Value
$43,260
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Licking, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | $1,632 | $22,590 | $35,850 | $78,060 | $125,304 |
Source: Ownwell
Property Tax Bills Across Licking, Missouri
In Licking, located in Dent County, MO, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. Homeowners in this area experience varying tax bills depending on several factors, including property size, location, and improvements. For instance, the median home price in Licking is $35,850, and the tax bill can range significantly. The 25th percentile tax bill is $172, while the 75th percentile tax bill reaches $530. The 90th percentile tax bill can go as high as $1,063, indicating the variability based on property characteristics. The highest and lowest median tax bills in Licking are both $363, which is notably lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making it more affordable to own property in the area. However, it’s essential for homeowners to stay informed about their property assessments to ensure they are paying a fair amount.
Average Licking Tax Bill
$363
Average Dent County Tax Bill
$374
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Licking, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | $156 | $172 | $363 | $530 | $1,063 |
Source: Ownwell