Fayette, Missouri Property Taxes
The median property tax rate in Fayette, 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 Fayette at $72,003, the typical annual property tax bill reaches $920, exceeding the national median of $2,690. Property taxes in Fayette are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Fayette'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 Fayette 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
Fayette, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$943
Ownwell’s Fayette Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fayette with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Fayette to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Howard County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Fayette, Missouri
Property taxes in Fayette, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fayette is 1.31%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Fayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fayette 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 Fayette's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65248 zip code has the highest median property tax rate of 1.31%, while the 65248 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Fayette provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fayette Tax Rate
1.31%
Average Howard County Tax Rate
1.31%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65248 | 1.10% | 1.26% | 1.31% | 1.31% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Fayette, Missouri
In Fayette, 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 Howard County Assessor's Office 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 Fayette, 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. For example, the median home price in Fayette is $72,003. The median tax bill ranges significantly, with the 25th percentile at $541 and the 75th percentile reaching $1,518. Notably, the highest median tax bill is $920 in the 65248 zip code, which is also the lowest median tax bill, indicating a consistent tax environment across the area. 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 Fayette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fayette Assessed Value
$72,003
Average Howard County Assessed Value
$68,234
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65248 | $22,203 | $41,839 | $72,003 | $118,739 | $196,918 |
Source: Ownwell
Property Tax Bills Across Fayette, Missouri
In Fayette, located in Howard County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, with a median home price of $72,003, homeowners can expect varying tax bills depending on specific assessments and exemptions. The tax bill at the 25th percentile is around $541, while at the 75th percentile, it reaches $1,518. At the higher end, the 90th percentile tax bill stands at approximately $2,486. These figures show significant variation, reflecting differences in property values and applicable tax rates. The highest median tax bill in the region is $920, which is considerably lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable for residents. However, it's essential for homeowners to stay informed about their property's assessed value and any potential exemptions to ensure accurate tax billing.
Average Fayette Tax Bill
$920
Average Howard County Tax Bill
$882
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65248 | $291 | $541 | $920 | $1,518 | $2,486 |
Source: Ownwell