Elk Creek, Texas County, Missouri Property Taxes
The median property tax rate in Elk Creek, MO is 0.69%, notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $58,525 in Elk Creek, the typical annual property tax bill amounts to $398, significantly below the national median of $2,690. Property taxes in Elk Creek are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elk Creek'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 Elk Creek or another part of Texas County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elk Creek, Texas County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$404
$375
Ownwell’s Elk Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Creek 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 Elk Creek, Texas County, Missouri
Property taxes in Elk Creek, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Creek is 0.69%, significantly lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Elk Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Creek 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 Elk Creek's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65464 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Elk Creek provides valuable insights into the varying tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elk Creek Tax Rate
0.69%
Average Texas County Tax Rate
0.70%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Creek, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65464 | 0.59% | 0.65% | 0.69% | 0.73% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Elk Creek, Texas County, Missouri
In Elk Creek, 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 Texas 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 Elk Creek, 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. For instance, the zip code with the highest median tax bill is 65464, with a median bill of $398. Being aware of these valuation processes in Elk Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elk Creek, Texas County, Missouri
Source: Ownwell
$47,880
$79,465
$111,050
Average Elk Creek Assessed Value
$58,525
Average Texas County Assessed Value
$74,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elk Creek, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65464 | $24,840 | $36,182 | $58,525 | $101,360 | $142,226 |
Source: Ownwell
Property Tax Bills Across Elk Creek, Texas County, Missouri
In Elk Creek, Texas 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 is applied to this assessed value to determine the tax bill. For instance, the median home price in Elk Creek is $58,525. Depending on the assessed value and the applicable tax rate, homeowners can expect varying tax bills. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. For example, tax bills in Elk Creek range from $243 at the 25th percentile to $938 at the 90th percentile, illustrating the variability homeowners might experience. The highest median tax bill in the area is $398, which is significantly lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Elk Creek Tax Bill
$398
Average Texas County Tax Bill
$521
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Creek, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65464 | $167 | $243 | $398 | $689 | $938 |
Source: Ownwell