Licking, Texas County, Missouri Property Taxes
The median property tax rate in Licking, MO is 0.63%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Licking, the typical annual property tax bill reaches $459, well below the national median of $2,690. Property taxes in Licking 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 Licking'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 Licking 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
Licking, Texas County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$458
$425
Ownwell’s Licking Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Licking with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Licking 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 Licking, Texas County, Missouri
Property taxes in Licking, Missouri, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Licking is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Licking set these rates annually, and they can vary significantly across different neighborhoods. Each year, Licking 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 Licking's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65542 has the same median property tax rate of 0.63%. Understanding how these cities compare with Licking 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 Licking Tax Rate
0.63%
Average Texas County Tax Rate
0.70%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Licking, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | 0.57% | 0.61% | 0.63% | 0.70% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Licking, Texas County, Missouri
In Licking, 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 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 Licking, 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. The highest median tax bill in Licking is $459.00 in the 65542 zip code, while the lowest median tax bill is also $459.00 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.
Property Tax Assessment Values Across Licking, Texas County, Missouri
Source: Ownwell
$47,880
$79,465
$111,050
Average Licking Assessed Value
$72,640
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 Licking, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | $23,878 | $40,720 | $72,640 | $118,060 | $175,658 |
Source: Ownwell
Property Tax Bills Across Licking, Texas County, Missouri
In Licking, Texas County, MO, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine your annual tax bill. For example, with a median home price of $72,640, homeowners in Licking can expect their property tax bills to vary significantly. The 25th percentile tax bill stands at $260, while the 75th percentile reaches $727, and the 90th percentile goes up to $1,049. Factors influencing your tax bill include the market value of your property, local tax rates, and any exemptions for which you may qualify. Compared to the national median property tax rate of 0.99%, Texas County's tax rates can be considered moderate. Understanding these elements helps homeowners budget for their annual expenses and potentially seek appeals or exemptions to reduce their tax burden.
Average Licking Tax Bill
$459
Average Texas County Tax Bill
$521
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Licking, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65542 | $155 | $260 | $459 | $727 | $1,049 |
Source: Ownwell