Tracy, Missouri Property Taxes
The median property tax rate in Tracy, MO is 1.36%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Tracy at $508,173, the typical annual property tax bill reaches $6,932, exceeding the national median of $2,690. Property taxes in Tracy 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 Tracy'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 Tracy 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
Tracy, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$6,911
Ownwell’s Tracy Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a straightforward way to estimate their annual property taxes in Tracy. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Tracy to provide an accurate estimate of your property tax bill. This valuable tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Tracy, Missouri
Property taxes in Tracy, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Tracy is 1.36%, which is notably higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Tracy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tracy 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 Tracy's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64079 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Tracy 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 Tracy Tax Rate
1.36%
Average Platte County Tax Rate
1.45%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tracy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | 1.36% | 1.36% | 1.36% | 1.36% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Tracy, Missouri
In Tracy, 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 Tracy, 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 Tracy stands at $508,173, with tax bills ranging from $6,856 at the 25th percentile to $7,053 at the 90th percentile. Notably, the highest and lowest median tax bills in Tracy are both $6,932, found in the zip code 64079. 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 Tracy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Tracy Assessed Value
$508,173
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 Tracy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | $499,291 | $502,622 | $508,173 | $513,724 | $517,055 |
Source: Ownwell
Property Tax Bills Across Tracy, Missouri
In Tracy, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Tracy is $508,173, and the property tax rate in Platte County influences the final tax bill. Factors such as the property's location, size, and condition are considered when determining its market value. Once the market value is established, a percentage is applied to calculate the assessed value. For homeowners in Tracy, the tax bill can vary significantly. The 25th percentile tax bill is $6,856, while the 75th percentile tax bill is $7,008, and the 90th percentile tax bill reaches $7,053. These figures indicate that most homeowners pay property taxes within this range. Compared to the national median property tax rate of 0.99%, Tracy's property tax bills reflect the local market conditions and assessed values. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan accordingly.
Average Tracy Tax Bill
$6,932
Average Platte County Tax Bill
$3,540
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tracy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64079 | $6,811 | $6,856 | $6,932 | $7,008 | $7,053 |
Source: Ownwell