Plato, Missouri Property Taxes
The median property tax rate in Plato, MO is 0.71%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Plato at $89,050, the typical annual property tax bill is $588, well below the national median of $2,690. Property taxes in Plato are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Plato'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 Plato 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
Plato, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$632
Ownwell’s Plato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plato 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 Plato, Missouri
Property taxes in Plato, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plato is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Plato set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plato 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. For comparison, the zip code 65552 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Plato provides valuable insights into the varying tax landscape across Laclede County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Plato Tax Rate
0.71%
Average Laclede County Tax Rate
1.10%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plato, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | 0.62% | 0.67% | 0.71% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Plato, Missouri
In Plato, 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 Laclede 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 Plato, 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 Plato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area, both at $588, are found in the 65552 zip code.
Average Plato Assessed Value
$89,050
Average Laclede County Assessed Value
$72,400
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Plato, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $31,710 | $43,500 | $89,050 | $151,300 | $220,900 |
Source: Ownwell
Property Tax Bills Across Plato, Missouri
Property tax bills in Plato, located in Laclede County, MO, are determined based on the assessed value of a property, which is a percentage of its market value. Homeowners in this region experience property tax rates that are notably lower than the national median property tax rate of 0.99%. For instance, the median home price in Plato is $89,050, and the property tax bill can range significantly. The 25th percentile tax bill is $316, while the 75th percentile tax bill reaches $1,073, and the 90th percentile tax bill is $1,517. These figures reflect the variability in property tax bills depending on the assessed property value and the specific tax rates applied by the local taxing authorities. For homeowners, this means that the amount they owe in property taxes can vary widely, affecting their annual financial planning and overall cost of homeownership. The highest and lowest median tax bills in the area both stand at $588, illustrating a degree of consistency in certain parts of the county.
Average Plato Tax Bill
$588
Average Laclede County Tax Bill
$742
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Plato, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $174 | $316 | $588 | $1,073 | $1,517 |
Source: Ownwell