Patterson, Missouri Property Taxes
The median property tax rate in Patterson, MO is 0.81%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $34,600 in Patterson, the typical annual property tax bill amounts to $282, significantly below the national median of $2,690. Property taxes in Patterson are calculated based on the assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Navigating Patterson'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 Patterson or elsewhere in Wayne County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Patterson, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$280
Ownwell’s Patterson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Patterson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Patterson 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 Patterson, Missouri
Property taxes in Patterson, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Patterson is 0.81%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Patterson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Patterson 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 Patterson's effective property tax rate to other areas in Missouri and the national median. For comparison, the 63956 zip code has the highest median property tax rate of 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these areas compare with Patterson provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Patterson Tax Rate
0.81%
Average Wayne County Tax Rate
0.77%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Patterson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63956 | 0.74% | 0.78% | 0.81% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Patterson, Missouri
In Patterson, 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 Wayne 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 Patterson, 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 Patterson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Patterson is $34,600, with the highest and lowest median tax bills both being $282 in the zip code 63956.
Average Patterson Assessed Value
$34,600
Average Wayne County Assessed Value
$16,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Patterson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63956 | $2,500 | $9,125 | $34,600 | $65,350 | $108,170 |
Source: Ownwell
Property Tax Bills Across Patterson, Missouri
In Patterson, Wayne County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Patterson is $34,600. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. Homeowners in Patterson can expect varying property tax bills. For instance, the 25th percentile tax bill is $76, while the 75th percentile tax bill is $527, and the 90th percentile tax bill reaches $863. These figures reflect the range of property tax burdens across different property values and conditions within the city. Comparatively, the national median property tax rate is 0.99%, which highlights how Patterson's property tax rates can differ significantly from the national average. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Patterson Tax Bill
$282
Average Wayne County Tax Bill
$122
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Patterson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63956 | $20 | $76 | $282 | $527 | $863 |
Source: Ownwell