Richwoods, Washington County, Missouri Property Taxes
The median property tax rate in Richwoods, MO is 0.95%, slightly below the national median of 0.99% and significantly lower than Missouri's state median of 1.20%. With a median home value of $34,260 in Richwoods, the typical annual property tax bill is $314, which is well below the national median of $2,690. Property taxes in Richwoods are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Richwoods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Richwoods 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
Richwoods, Washington County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$325
$302
Ownwell’s Richwoods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richwoods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richwoods 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 Richwoods, Washington County, Missouri
Property taxes in Richwoods, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richwoods is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Richwoods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richwoods 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 Richwoods' effective property tax rate to other regions in the U.S. and the national median. For comparison, the highest and lowest median property tax rates in Washington County are both 0.95%, found in the 63071 zip code. Understanding how these areas compare with Richwoods provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richwoods Tax Rate
0.95%
Average Washington County Tax Rate
0.96%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richwoods, Washington County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | 0.85% | 0.91% | 0.95% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Richwoods, Washington County, Missouri
In Richwoods, 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 Washington 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. 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 Richwoods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area both stand at $314 in the 63071 zip code, offering a point of comparison for local property owners.
Property Tax Assessment Values Across Richwoods, Washington County, Missouri
Source: Ownwell
$14,300
$48,465
$82,630
Average Richwoods Assessed Value
$34,260
Average Washington County Assessed Value
$37,210
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richwoods, Washington County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | $12,776 | $19,570 | $34,260 | $68,580 | $123,728 |
Source: Ownwell
Property Tax Bills Across Richwoods, Washington County, Missouri
In Richwoods, located in Washington County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners, this means the assessed value determines the tax bill, influenced by factors such as property size, location, and improvements. With a median home price of $34,260, the property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $185, while the 75th percentile tax bill reaches $636, and the 90th percentile tax bill is $1,164. These variations illustrate how different factors affect the final tax amount. The highest and lowest median tax bills in Richwoods are both $314, highlighting a relatively consistent tax rate within the area. Compared to the national median property tax rate of 0.99%, Richwoods offers a more affordable tax environment. Understanding these elements helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Richwoods Tax Bill
$314
Average Washington County Tax Bill
$361
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Richwoods, Washington County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63071 | $123 | $185 | $314 | $636 | $1,164 |
Source: Ownwell