Advance, Missouri Property Taxes
The median property tax rate in Advance, MO is 0.96%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Advance at $59,115, the typical annual property tax bill is $559, which is well below the national median of $2,690. Property taxes in Advance are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Advance'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 Advance 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
Advance, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Advance Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Advance with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Advance 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 Advance, Missouri
Property taxes in Advance, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Advance is 0.96%, slightly below the U.S. national median of 0.99%. Local government entities within Advance set these rates annually, and they can vary significantly across different neighborhoods. Each year, Advance 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 Advance's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63730 has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Advance provides valuable insights into the varying tax landscape across Bollinger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Advance Tax Rate
0.96%
Average Bollinger County Tax Rate
0.80%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Advance, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63730 | 0.91% | 0.96% | 0.96% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Advance, Missouri
In Advance, 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 Bollinger 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. In Advance, 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 Advance helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median tax bill in the zip code 63730 stands at $559.00, reflecting the highest and lowest median tax bills in the area.
Average Advance Assessed Value
$59,115
Average Bollinger County Assessed Value
$59,990
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Advance, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63730 | $10,843 | $23,018 | $59,115 | $100,928 | $142,346 |
Source: Ownwell
Property Tax Bills Across Advance, Missouri
In Advance, located in Bollinger County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the property's market value. For homeowners in Advance, understanding how their tax bill is determined involves knowing the local tax rate and the assessed value of their property. The tax rate is applied to the assessed value to calculate the annual property tax bill. For instance, with a median home price of $59,115, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $217, while at the 75th percentile, it reaches $897. Those in the 90th percentile see bills as high as $1,291. These figures show the range of property tax burdens depending on the assessed value. Compared to the national median property tax rate of 0.99%, the property tax rates in Advance can significantly affect homeowners, influencing their annual financial planning and overall cost of homeownership.
Average Advance Tax Bill
$559
Average Bollinger County Tax Bill
$498
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Advance, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63730 | $103 | $217 | $559 | $897 | $1,291 |
Source: Ownwell