Racine, Missouri Property Taxes
The median property tax rate in Racine, MO is 1.12%, which is higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Racine being $7,600, the typical annual property tax bill amounts to $70, significantly lower than the national median of $2,690. Property taxes in Racine are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Racine'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 Racine 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
Racine, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$85
Ownwell’s Racine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Racine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Racine 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 Racine, Missouri
Property taxes in Racine, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 1.12%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Racine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Racine 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 Racine's effective property tax rate to other areas in Missouri and the national median. For comparison, the 64858 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these areas compare with Racine provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
1.12%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Racine, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64858 | 0.91% | 0.99% | 1.12% | 1.26% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Racine, Missouri
In Racine, 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 Morgan 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 Racine, 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. The median home price in Racine is $7,600, with tax bills ranging from $49 at the 25th percentile to $104 at the 90th percentile. 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 Racine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Racine Assessed Value
$7,600
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Racine, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64858 | $3,120 | $4,800 | $7,600 | $10,400 | $12,080 |
Source: Ownwell
Property Tax Bills Across Racine, Missouri
In Racine, located in Morgan County, MO, property tax bills are determined by assessing the market value of a home and applying the local tax rate to that value. The assessed value is a percentage of the market value, which is then multiplied by the tax rate set by local taxing authorities. For instance, with a median home price of $7,600, homeowners can expect to pay property taxes within a certain range depending on their home's assessed value and the applicable tax rate. Several factors influence the final tax bill, including changes in the local tax rate, property improvements, and fluctuations in the market value of homes. Homeowners in Racine can expect their tax bills to range from $49 at the 25th percentile to $104 at the 90th percentile. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Racine's property tax rates provide a relatively affordable option for homeowners.
Average Racine Tax Bill
$70
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Racine, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64858 | $36 | $49 | $70 | $91 | $104 |
Source: Ownwell