Norwood, Missouri Property Taxes
The median property tax rate in Norwood, MO is 0.64%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Norwood at $130,832, the typical annual property tax bill is $646, which is well below the national median of $2,690. Property taxes in Norwood are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Norwood'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 Norwood 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
Norwood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$837
Ownwell’s Norwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwood 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 Norwood, Missouri
Property taxes in Norwood, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwood is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Norwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwood 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 Norwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65717 zip code has both the highest and lowest median property tax rate at 0.64%. Understanding how these cities compare with Norwood provides valuable insights into the varying tax landscape across Douglas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norwood Tax Rate
0.64%
Average Douglas County Tax Rate
0.60%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65717 | 0.21% | 0.46% | 0.64% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Norwood, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Norwood, 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 Douglas 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 Norwood, 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 Norwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $646 in zip code 65717, which is also the lowest median tax bill, providing a consistent picture of property tax expectations in the region.
Average Norwood Assessed Value
$130,832
Average Douglas County Assessed Value
$74,600
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65717 | $98,812 | $104,783 | $130,832 | $159,449 | $170,040 |
Source: Ownwell
Property Tax Bills Across Norwood, Missouri
In Norwood, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The median home price in Norwood is $130,832. Property taxes are then applied to this assessed value using the local tax rate. Various factors influence the final tax bill, including the property's location within Douglas County and any applicable exemptions or deductions. Homeowners in Norwood can expect their annual tax bills to vary. For instance, the tax bill at the 25th percentile is $501, while at the 75th percentile, it reaches $753. Those in the 90th percentile may pay up to $935. The highest median tax bill in the area is $646, observed in the zip code 65717. These property taxes have a significant impact on homeowners, affecting their overall housing costs and potentially influencing their decision to buy or sell property. Compared to the national median property tax rate of 0.99%, Norwood's tax rates and bills provide a relatively affordable option for homeowners.
Average Norwood Tax Bill
$646
Average Douglas County Tax Bill
$445
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Norwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65717 | $251 | $501 | $646 | $753 | $935 |
Source: Ownwell