Riverside, Missouri Property Taxes
The median property tax rate in Riverside, MO is 1.59%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Riverside, the typical annual property tax bill reaches $57, exceeding the national median of $2,690. Property taxes in Riverside are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Riverside'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 Riverside 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
Riverside, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$57
Ownwell’s Riverside Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Riverside effortlessly. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside to provide a clear estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities, making it easier to plan your finances. For those interested in more detailed insights, scroll down to explore trends at a neighborhood level. Your property’s assessed value is determined by Morgan County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Riverside, Missouri
Property taxes in Riverside, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 1.59%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other counties in Missouri and the national median. For comparison, the 02915 zip code has the highest median property tax rate of 2.70%, while the 92507 zip code has the lowest median tax rate of 1.49%. Understanding how these cities compare with Riverside 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 Riverside Tax Rate
1.59%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02915 | 2.70% | 2.70% | 2.70% | 2.70% | 2.70% |
| 64150 | 0.63% | 0.91% | 2.04% | 3.01% | 3.01% |
| 92503 | 1.59% | 1.59% | 1.59% | 1.59% | 1.59% |
| 92507 | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Missouri
In Riverside, 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 Riverside, 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 Riverside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, properties in the zip code with the highest tax bills can see amounts as high as $163, while those in the lowest can be around $37.
Average Riverside Assessed Value
$3,600
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 Riverside, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02915 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 |
| 64150 | $1,200 | $1,200 | $8,200 | $20,825 | $30,950 |
| 92503 | $3,600 | $3,600 | $3,600 | $3,600 | $3,600 |
| 92507 | $4,300 | $4,300 | $4,300 | $4,300 | $4,300 |
Source: Ownwell
Property Tax Bills Across Riverside, Missouri
In Riverside, Morgan 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, which is applied to this assessed value, determines the final tax bill. For example, if a home has a market value of $3,600, the assessed value is derived from this figure. The tax rate is then applied to the assessed value to calculate the property tax bill. Factors such as local government budgets, school district funding needs, and public services influence the tax rate. Homeowners in Riverside experience a range of tax bills, with the 25th percentile paying around $37 and the 75th percentile paying about $113. At the higher end, the 90th percentile sees tax bills of approximately $163. These variations can significantly impact homeowners, affecting affordability and financial planning. Compared to the national median property tax rate of 0.99%, Riverside's rates reflect the specific needs and budgetary requirements of the local community.
Average Riverside Tax Bill
$57
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 02915 | $38 | $38 | $38 | $38 | $38 |
| 64150 | $36 | $36 | $99 | $163 | $164 |
| 92503 | $57 | $57 | $57 | $57 | $57 |
| 92507 | $64 | $64 | $64 | $64 | $64 |
Source: Ownwell