Bourbon, Missouri Property Taxes
The median property tax rate in Bourbon, MO is 0.98%, slightly lower than the national median of 0.99% and significantly below the Missouri state median of 1.20%. With a median home value in Bourbon of $84,700, the typical annual property tax bill is $885, well below the national median of $2,690. Property taxes in Bourbon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bourbon'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 Bourbon 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
Bourbon, 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 Bourbon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bourbon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bourbon 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 Bourbon, Missouri
Property taxes in Bourbon, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bourbon is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Bourbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bourbon 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 Bourbon's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65441 has both the highest and lowest median property tax rate in Crawford County, at 0.98%. Understanding how these areas compare with Bourbon provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bourbon Tax Rate
0.98%
Average Crawford County Tax Rate
0.89%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | 0.92% | 0.97% | 0.98% | 1.23% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Bourbon, Missouri
In Bourbon, 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 Crawford 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 Bourbon, 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 Bourbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bourbon is $84,700, with the highest median tax bill of $885 found in the 65441 zip code.
Average Bourbon Assessed Value
$84,700
Average Crawford County Assessed Value
$81,600
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | $25,880 | $51,200 | $84,700 | $123,400 | $175,260 |
Source: Ownwell
Property Tax Bills Across Bourbon, Missouri
In Bourbon, located in Crawford County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value, reflecting its worth in the real estate market. Once the assessed value is established, local tax rates are applied to calculate the final tax bill. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any exemptions or deductions the homeowner may qualify for. In Bourbon, the median home price stands at $84,700. Homeowners in the 25th percentile of tax bills pay around $560, while those in the 75th percentile pay approximately $1,251. The tax bill can go as high as $1,749 for those in the 90th percentile. Compared to the national median property tax rate of 0.99%, Bourbon's property taxes can significantly impact homeowners, influencing their annual financial planning and overall cost of living.
Average Bourbon Tax Bill
$885
Average Crawford County Tax Bill
$745
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | $258 | $560 | $885 | $1,251 | $1,749 |
Source: Ownwell