Richmond, Missouri Property Taxes
The median property tax rate in Richmond, MO is 1.35%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Richmond at $97,865, the typical annual property tax bill reaches $1,265, which is below the national median of $2,690. Property taxes in Richmond 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 Richmond'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 Richmond 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
Richmond, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$1,321
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond 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 Richmond, Missouri
Property taxes in Richmond, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond 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 Richmond's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64085 zip code has the highest median property tax rate of 1.35%, while the 64085 zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across Ray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
1.35%
Average Ray County Tax Rate
1.35%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64085 | 1.11% | 1.16% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Missouri
In Richmond, 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 Ray 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 Richmond, 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 Richmond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Richmond is $97,865, with tax bills ranging from $756 at the 25th percentile to $2,636 at the 90th percentile. The zip code 64085 has both the highest and lowest median tax bill at $1,265.
Average Richmond Assessed Value
$97,865
Average Ray County Assessed Value
$105,860
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64085 | $34,196 | $57,782 | $97,865 | $147,285 | $214,752 |
Source: Ownwell
Property Tax Bills Across Richmond, Missouri
In Richmond, located in Ray County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. For homes in Richmond, the median home price is $97,865. Property tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions. For example, a homeowner in Richmond might see a tax bill ranging from $756 at the 25th percentile to $1,842 at the 75th percentile. In some cases, tax bills can reach up to $2,636 at the 90th percentile. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated can provide insight into their annual financial obligations and the value of the services they receive in return.
Average Richmond Tax Bill
$1,265
Average Ray County Tax Bill
$1,429
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64085 | $444 | $756 | $1,265 | $1,842 | $2,636 |
Source: Ownwell