Leonard, Missouri Property Taxes
The median property tax rate in Leonard, Missouri, is 1.08%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $62,590 in Leonard, the typical annual property tax bill amounts to $585, which is significantly below the national median of $2,690. Property taxes in Leonard are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Leonard's property tax system, exploring the available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're a homeowner or a real estate investor in Leonard, familiarizing yourself with the local property tax nuances will be highly beneficial.
Last Updated June 14, 2024
Leonard, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$676
Ownwell’s Leonard Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Leonard. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Leonard to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is the value assigned by Knox County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Leonard, Missouri
Property taxes in Leonard, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 0.93%, slightly lower than the Missouri state median of 0.97% and the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63451 zip code has the highest median property tax rate of 1.12%, while the 63451 zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Leonard provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
1.08%
Average Knox County Tax Rate
0.72%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63451 | 0.84% | 0.99% | 1.08% | 1.09% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Missouri
In Leonard, Missouri, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 local 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 Leonard, 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 Leonard 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 in Leonard is 63451, with a median tax bill of $585.
Average Leonard Assessed Value
$62,590
Average Knox County Assessed Value
$29,820
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63451 | $49,206 | $54,885 | $62,590 | $68,730 | $71,592 |
Source: Ownwell
Property Tax Bills Across Leonard, Missouri
In Leonard, located in Knox County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Homeowners then apply the local tax rate to this assessed value to determine their annual property tax bill. For example, in Leonard, the median home price is $62,590, and the property tax bill at the 25th percentile is $535, while at the 75th percentile, it is $650. The highest median tax bill in the area is $585, which is consistent across the zip code 63451. These figures show that property taxes can vary significantly based on the assessed value and specific circumstances of each property. Homeowners in Leonard should be aware of these factors as they can significantly impact their annual expenses. The property tax rate in Leonard is relatively modest compared to the national median rate of 0.99%, making it an attractive area for potential homeowners looking for affordability.
Average Leonard Tax Bill
$585
Average Knox County Tax Bill
$245
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63451 | $509 | $535 | $585 | $650 | $701 |
Source: Ownwell