Waco, Missouri Property Taxes
The median property tax rate in Waco, MO is 1.00%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Waco, the typical annual property tax bill is $35, significantly below the national median of $2,690. Property taxes in Waco are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Waco'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 Waco or another part of Jasper County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waco, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$36
Ownwell’s Waco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waco 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 Waco, Missouri
Property taxes in Waco, Missouri, are critical for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waco is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within Waco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waco 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 Waco's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64832 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with Waco provides valuable insights into the varying tax landscape across Jasper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Waco Tax Rate
1.00%
Average Jasper County Tax Rate
0.89%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waco, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64832 | 0.97% | 0.99% | 1.00% | 1.01% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Waco, Missouri
In Waco, 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 Jasper 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 Waco, 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 instance, homes in the 25th percentile have tax bills around $28, while those in the 75th percentile see bills near $46, and the 90th percentile reaches $64. 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 Waco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waco Assessed Value
$3,560
Average Jasper County Assessed Value
$82,940
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Waco, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64832 | $1,511 | $2,802 | $3,560 | $4,550 | $6,260 |
Source: Ownwell
Property Tax Bills Across Waco, Missouri
In Waco, Jasper County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, applied to this assessed value, determines the final tax bill. For instance, the median home price in Waco is $3,560. Homeowners in the 25th percentile can expect a tax bill around $28, while those in the 75th percentile see bills closer to $46. At the 90th percentile, the tax bill reaches approximately $64. These figures illustrate how varying property values and tax rates impact what residents owe. Compared to the national median property tax rate of 0.99%, Waco's rates may appear lower, but they reflect the specific economic and property valuation conditions of the area. For homeowners, understanding these factors is crucial, as property taxes directly influence annual housing costs and overall financial planning.
Average Waco Tax Bill
$35
Average Jasper County Tax Bill
$737
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Waco, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64832 | $15 | $28 | $35 | $46 | $64 |
Source: Ownwell