Plato, Texas County, Missouri Property Taxes
The median property tax rate in Plato, MO is 0.64%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Plato at $111,050, the typical annual property tax bill is $702, which is well below the national median of $2,690. Property taxes in Plato are determined based on the assessed value, which usually falls below market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Plato'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 Plato 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
Plato, Texas County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$711
$660
Ownwell’s Plato Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Plato with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Plato 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 Plato, Texas County, Missouri
Property taxes in Plato, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Plato is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Plato set these rates annually, and they can vary significantly across different neighborhoods. Each year, Plato 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 Plato's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65552 zip code has the highest median property tax rate of 0.64%, while the same zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Plato 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 Plato Tax Rate
0.64%
Average Texas County Tax Rate
0.70%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Plato, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | 0.58% | 0.63% | 0.64% | 0.64% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Plato, Texas County, Missouri
In Plato, 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 local 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 Plato, 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 Plato helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Plato's 65552 zip code, the median tax bill is $702, which is consistent across the region.
Property Tax Assessment Values Across Plato, Texas County, Missouri
Source: Ownwell
$47,880
$79,465
$111,050
Average Plato Assessed Value
$111,050
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 Plato, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $36,418 | $65,560 | $111,050 | $147,430 | $183,486 |
Source: Ownwell
Property Tax Bills Across Plato, Texas County, Missouri
In Plato, a city located in Texas County, MO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Plato experience a range of property tax bills depending on the assessed value of their property and the local tax rate. For instance, the median home price in Plato is $111,050, and property tax bills can vary significantly. The 25th percentile tax bill is $415, while the 75th percentile tax bill reaches $917. At the 90th percentile, homeowners may see tax bills as high as $1161. These property tax bills are influenced by factors such as the local tax rate, which is compared to the national median property tax rate of 0.99%. For homeowners, these taxes fund essential services like schools, public safety, and infrastructure, directly impacting the quality of life in their community. Understanding how these bills are calculated helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Plato Tax Bill
$702
Average Texas County Tax Bill
$521
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Plato, Texas County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $230 | $415 | $702 | $917 | $1,161 |
Source: Ownwell