Novelty, Missouri Property Taxes
The median property tax rate in Novelty, MO is 0.69%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Novelty, the typical annual property tax bill reaches $241, significantly below the national median of $2,690. Property taxes in Novelty are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Novelty'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 Novelty 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
Novelty, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$224
Ownwell’s Novelty Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Novelty with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Novelty to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. 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 the county for tax calculations and includes any applicable exemptions, giving you a clear picture of your tax responsibilities.
Property Tax Rates Across Novelty, Missouri
Property taxes in Novelty, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Novelty is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Novelty set these rates annually, and they can vary significantly across different neighborhoods. Each year, Novelty 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 Novelty's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63460 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Novelty 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 Novelty Tax Rate
0.69%
Average Knox County Tax Rate
0.72%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Novelty, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63460 | 0.68% | 0.69% | 0.69% | 0.83% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Novelty, Missouri
In Novelty, 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 Knox County 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 Novelty, 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 Novelty helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Novelty's zip code 63460 has the highest and lowest median tax bill at $241.
Average Novelty Assessed Value
$32,400
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 Novelty, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63460 | $4,492 | $13,040 | $32,400 | $57,765 | $101,546 |
Source: Ownwell
Property Tax Bills Across Novelty, Missouri
In Novelty, located in Knox County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Novelty is $32,400. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as home improvements, neighborhood developments, and changes in the real estate market can influence the assessed value and, consequently, the tax bill. Homeowners in Novelty can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is $91, while the 75th percentile tax bill is $462, and at the 90th percentile, it reaches $900. Compared to the national median property tax rate of 0.99%, Novelty's property tax rates can be relatively modest, especially given the lower median home price. However, these taxes are crucial for funding local services like schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Novelty Tax Bill
$241
Average Knox County Tax Bill
$245
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Novelty, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63460 | $36 | $91 | $241 | $462 | $900 |
Source: Ownwell