Platte Woods, Missouri Property Taxes
The median property tax rate in Platte Woods, MO is 1.40%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $247,483 in Platte Woods, the typical annual property tax bill reaches $3,456, surpassing the national median of $2,690. Property taxes in Platte Woods are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Platte Woods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Platte Woods 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
Platte Woods, 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 Platte Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Platte Woods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Platte Woods 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 Platte Woods, Missouri
Property taxes in Platte Woods, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Platte Woods is 1.40%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Platte Woods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Platte Woods 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 Platte Woods' effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64151 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Platte Woods provides valuable insights into the varying tax landscape across Platte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Platte Woods Tax Rate
1.40%
Average Platte County Tax Rate
1.45%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Platte Woods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Platte Woods, Missouri
In Platte Woods, 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 Platte 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 Platte Woods, 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 Platte Woods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Platte Woods is $247,483, with tax bills ranging from $3,309 at the 25th percentile to $5,441 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $3,456 in the 64151 zip code.
Average Platte Woods Assessed Value
$247,483
Average Platte County Assessed Value
$243,632
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Platte Woods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | $230,587 | $236,923 | $247,483 | $336,284 | $389,565 |
Source: Ownwell
Property Tax Bills Across Platte Woods, Missouri
In Platte Woods, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $247,483. Homeowners can expect their tax bills to vary significantly, with the 25th percentile paying around $3,309 and the 75th percentile paying about $4,697. The 90th percentile sees tax bills reaching up to $5,441. These figures indicate that property taxes in Platte Woods can be quite substantial, particularly when compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $3,456, located in the 64151 zip code. This suggests a level of consistency in property tax assessments within that specific region. Factors such as home improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Homeowners in Platte Woods should be aware of these variables as they can significantly impact their annual property tax obligations.
Average Platte Woods Tax Bill
$3,456
Average Platte County Tax Bill
$3,540
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Platte Woods, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64151 | $3,220 | $3,309 | $3,456 | $4,697 | $5,441 |
Source: Ownwell