Alma, Missouri Property Taxes
The median property tax rate in Alma, MO is 0.78%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Alma at $70,860, the typical annual property tax bill is $552, significantly below the national median of $2,690. Property taxes in Alma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Alma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Alma or another part of Lafayette County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alma, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$553
Ownwell’s Alma Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Alma. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Alma to provide an accurate estimate of your property tax bill. This tool is designed to give you a clear understanding of your potential tax liabilities. For those interested in more detailed insights, you can scroll down for localized information on neighborhood trends. Your property’s assessed value is determined by Lafayette County for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Alma, Missouri
Property taxes in Alma, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Alma is 0.78%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Alma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alma 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 Alma's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64001 zip code has the highest median property tax rate of 0.78%, while the 64001 zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Alma provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alma Tax Rate
0.78%
Average Lafayette County Tax Rate
1.10%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64001 | 0.78% | 0.78% | 0.78% | 0.89% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Alma, Missouri
In Alma, 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 Lafayette 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 Alma, 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. The highest median tax bill in Alma is $552 in the 64001 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Alma Assessed Value
$70,860
Average Lafayette County Assessed Value
$57,532
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64001 | $22,078 | $38,390 | $70,860 | $146,540 | $186,500 |
Source: Ownwell
Property Tax Bills Across Alma, Missouri
In Alma, located in Lafayette County, MO, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, which is determined by local assessors. Once the assessed value is established, the tax rate, set by local taxing authorities, is applied to calculate the tax bill. For homeowners in Alma, the median home price is $70,860. Tax bills in the city can vary widely, with the 25th percentile at $299 and the 75th percentile reaching $1,186. At the 90th percentile, tax bills can go up to $1,889. The highest and lowest median tax bills in the area are both recorded at $552, specifically in the 64001 zip code. Compared to the national median property tax rate of 0.99%, Alma's tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning. Understanding these factors is crucial for managing property-related expenses effectively.
Average Alma Tax Bill
$552
Average Lafayette County Tax Bill
$641
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Alma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64001 | $173 | $299 | $552 | $1,186 | $1,889 |
Source: Ownwell