Baring, Missouri Property Taxes
The median property tax rate in Baring, MO is 0.80%, lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $29,635 in Baring, the typical annual property tax bill is $245, significantly below the national median of $2,690. Property taxes in Baring are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Baring'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 Baring or another part of Knox County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Baring, 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 Baring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Baring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Baring 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 Baring, Missouri
Property taxes in Baring, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Baring is 0.80%, which is lower than the U.S. national median of 0.99%. Local government entities within Baring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Baring 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 Baring's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63531 has both the highest and lowest median property tax rate of 0.80%. Understanding how these areas compare with Baring provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Baring Tax Rate
0.80%
Average Knox County Tax Rate
0.72%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | 0.69% | 0.69% | 0.80% | 1.10% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Baring, Missouri
In Baring, 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 Knox 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 Baring, 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. The median home price in Baring is $29,635, with the highest median tax bill being $245 in the 63531 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Baring Assessed Value
$29,635
Average Knox County Assessed Value
$29,820
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | $4,894 | $13,582 | $29,635 | $63,270 | $121,607 |
Source: Ownwell
Property Tax Bills Across Baring, Missouri
In Baring, Knox County, MO, property tax bills are calculated based on the assessed value of a home. The median home price in this area is $29,635. Local tax authorities determine the assessed value, which is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. For example, homeowners in the 25th percentile can expect a tax bill around $119, while those in the 75th percentile might see bills up to $597. The highest median tax bill in the area is $245, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making it easier to manage annual expenses. However, it's crucial for homeowners to keep an eye on assessed values and appeal if they believe their property has been over-assessed.
Average Baring Tax Bill
$245
Average Knox County Tax Bill
$245
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Baring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63531 | $36 | $119 | $245 | $597 | $1,128 |
Source: Ownwell