Lamar, Missouri Property Taxes
The median property tax rate in Lamar, MO is 1.25%, higher than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $62,211 in Lamar, the typical annual property tax bill reaches $714, which is significantly lower than the national median of $2,690. Property taxes in Lamar 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 Lamar'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 Lamar 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
Lamar, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$778
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Missouri
Property taxes in Lamar, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64759 zip code has both the highest and lowest median property tax rate of 1.25%. Understanding how these rates compare with Lamar provides valuable insights into the varying tax landscape across Barton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
1.25%
Average Barton County Tax Rate
1.13%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64759 | 0.87% | 1.09% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamar, Missouri. The market value represents 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 Barton County Assessor 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 in Lamar 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 median home price in Lamar is $62,211, with the 25th percentile tax bill at $383 and the 75th percentile tax bill at $1,214. Awareness of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamar Assessed Value
$62,211
Average Barton County Assessed Value
$57,829
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64759 | $19,831 | $34,083 | $62,211 | $107,474 | $170,852 |
Source: Ownwell
Property Tax Bills Across Lamar, Missouri
In Lamar, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For homeowners in Lamar, the median home price is $62,211. The property tax rate in Lamar is 1.15%, higher than the national median of 0.99%. This means that homeowners can expect varying tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $383, while the 75th percentile tax bill is $1,214. At the 90th percentile, homeowners could see tax bills as high as $1,854. These property taxes fund essential community services such as schools, public safety, and infrastructure. Therefore, understanding how these taxes are calculated helps homeowners budget effectively and comprehend their contributions to local services.
Average Lamar Tax Bill
$714
Average Barton County Tax Bill
$634
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64759 | $224 | $383 | $714 | $1,214 | $1,854 |
Source: Ownwell