Racine, Missouri Property Taxes
The median property tax rate in Racine, Missouri is 1.10%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $59,550 in Racine, the typical annual property tax bill amounts to $740, which is significantly below 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 such as those for primary residences and agricultural properties. Understanding Racine'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 Racine or another part of the city, grasping 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
1.1%
Estimate Property Tax Bill
$655
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 1.10%, 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 counties in Missouri and the national median. For comparison, the 64858 zip code has both the highest and lowest median property tax rate of 1.10%. Understanding how these areas compare with Racine provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
1.10%
Average Newton County Tax Rate
1.09%
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 | 1.05% | 1.07% | 1.10% | 1.16% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Racine, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Racine, Missouri. 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 Newton 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 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Racine, the highest median tax bill is $740.00 in the 64858 zip code, while the lowest median tax bill is also $740.00 in the same 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 Racine Assessed Value
$59,550
Average Newton County Assessed Value
$71,800
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 | $26,270 | $41,975 | $59,550 | $107,775 | $122,610 |
Source: Ownwell
Property Tax Bills Across Racine, Missouri
Property tax bills in Racine, located in Newton County, Missouri, are calculated based on the assessed value of a home and the applicable tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. In Racine, homeowners can expect a median home price of $59,550. The tax bill is influenced by various factors, including property location, improvements, and any applicable exemptions. For instance, the 25th percentile tax bill in Racine is $486, while the 75th percentile tax bill is $1,157, and the 90th percentile tax bill reaches up to $1,284. These figures illustrate the range of property tax burdens homeowners might experience. Comparatively, the property tax rate in Racine is below the national median rate of 0.99%, providing some relief to homeowners. However, the precise tax bill can vary significantly based on individual property assessments and other contributing factors, affecting the overall financial responsibility for homeowners in the area.
Average Racine Tax Bill
$740
Average Newton County Tax Bill
$791
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 | $303 | $486 | $740 | $1,157 | $1,284 |
Source: Ownwell