Lathrop, Missouri Property Taxes
The median property tax rate in Lathrop, MO is 1.31%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lathrop at $141,670, the typical annual property tax bill reaches $1,744, exceeding the national median of $2,690. Property taxes in Lathrop 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 Lathrop'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 Lathrop 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
Lathrop, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,856
Ownwell’s Lathrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lathrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lathrop 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 Lathrop, Missouri
Property taxes in Lathrop, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lathrop is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lathrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lathrop 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 Lathrop's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 64465 has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these values compare with Lathrop provides valuable insights into the varying tax landscape across Caldwell County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lathrop Tax Rate
1.31%
Average Caldwell County Tax Rate
1.16%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | 1.10% | 1.19% | 1.31% | 1.34% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Lathrop, Missouri
In Lathrop, 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 Caldwell 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 Lathrop, 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. For instance, the median home price in Lathrop is $141,670, with tax bills ranging from $826 at the 25th percentile to $3,098 at the 90th percentile. The zip code 64465 has both the highest and lowest median tax bill, valued at $1,744. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lathrop Assessed Value
$141,670
Average Caldwell County Assessed Value
$73,285
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | $29,938 | $71,955 | $141,670 | $207,680 | $243,382 |
Source: Ownwell
Property Tax Bills Across Lathrop, Missouri
In Lathrop, located in Caldwell County, MO, property tax bills are determined based on the assessed value of your home. The assessed value is a percentage of the market value, which is calculated by local assessors. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. For instance, with a median home price of $141,670, homeowners in Lathrop can expect varying tax bills. The 25th percentile tax bill is approximately $826, while the 75th percentile tax bill reaches around $2,625. At the 90th percentile, the tax bill can be as high as $3,098. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. Compared to the national median property tax rate of 0.99%, the property tax rates in Lathrop can significantly impact homeowners, especially those with higher-valued properties. Understanding these factors can help homeowners better anticipate their annual financial obligations.
Average Lathrop Tax Bill
$1,744
Average Caldwell County Tax Bill
$850
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | $407 | $826 | $1,744 | $2,625 | $3,098 |
Source: Ownwell