Gallatin, Missouri Property Taxes
The median property tax rate in Gallatin, MO is 1.23%, which is higher than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $76,650 in Gallatin, the typical annual property tax bill amounts to $981, surpassing the national median of $2,690. Property taxes in Gallatin are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Gallatin’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 Gallatin or elsewhere in the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gallatin, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$943
Ownwell’s Gallatin Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gallatin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gallatin to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, assigned by Daviess County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Gallatin, Missouri
Property taxes in Gallatin, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gallatin is 1.23%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Gallatin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gallatin 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 Gallatin's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64640 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these areas compare with Gallatin provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gallatin Tax Rate
1.23%
Average Daviess County Tax Rate
1.28%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gallatin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64640 | 1.08% | 1.16% | 1.23% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Gallatin, Missouri
In Gallatin, 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 Daviess 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 Gallatin, 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 Gallatin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 64640 at $981, while the lowest median tax bill is also in the same zip code at $981.
Average Gallatin Assessed Value
$76,650
Average Daviess County Assessed Value
$66,100
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gallatin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64640 | $22,865 | $42,232 | $76,650 | $153,198 | $255,555 |
Source: Ownwell
Property Tax Bills Across Gallatin, Missouri
In Gallatin, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the Daviess County Assessor’s Office. The assessed value is a percentage of the market value of the home. Homeowners in Gallatin can expect a median home price of $76,650. The property tax rate in Gallatin is influenced by local levies and the county's overall budget needs. Factors such as the property's size, location, and condition play a significant role in determining the assessed value. For example, the 25th percentile tax bill in Gallatin is around $544, while the 75th percentile reaches $1,863. At the 90th percentile, homeowners might see tax bills as high as $3,039. Comparatively, the national median property tax rate is 0.99%, making Gallatin’s rates relatively moderate. This variation in tax bills underscores the importance of accurate property assessments and the significant impact they have on homeowners' annual financial obligations.
Average Gallatin Tax Bill
$981
Average Daviess County Tax Bill
$845
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gallatin, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64640 | $270 | $544 | $981 | $1,863 | $3,039 |
Source: Ownwell