We revisit the problem of missing tag identification in RFID networks by making three contributions. Firstly, we quantitatively compare and gauge the existing propositions spanning over a decade on missing tag identification. We show that the expected execution time of the best solution in the literature is $Θ\left(N+\frac{(1-α)^2(1-δ)^2}{ ε^2}\right)$, where $δ$ and $ε$ are parameters quantifying the required identification accuracy, $N$ denotes the number of tags in the system, among which $αN$ tags are missing. Secondly, we analytically establish the expected execution time lower-bound for any missing tag identification algorithm as $Θ\left(\frac{N}{\log N}+\frac{(1-δ)^2(1-α)^2}{ε^2 \log \frac{(1-δ)(1-α)}ε}\right)$, thus giving the theoretical performance limit. Thirdly, we develop a novel missing tag identification algorithm by leveraging a tree structure with the expected execution time of $Θ\left(\frac{\log\log N}{\log N}N+\frac{(1-α)^2(1-δ)^2}{ ε^2}\right)$, reducing the time overhead by a factor of up to $\log N$ over the best algorithm in the literature. The key technicality in our design is a novel data structure termed as collision-partition tree (CPT), built on a subset of bits in tag pseudo-IDs, leading to more balanced tree structure and reducing the time complexity in parsing the entire tree.