Monticello, Missouri Property Taxes
The median property tax rate in Monticello, MO is 1.09%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With the median home value in Monticello at $51,345, the typical annual property tax bill is $519, which is significantly below the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Monticello'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 Monticello or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monticello, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$560
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Missouri
Property taxes in Monticello, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.09%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63457 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.09%
Average Lewis County Tax Rate
1.06%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63457 | 0.78% | 0.87% | 1.09% | 1.16% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Missouri
In Monticello, 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 Lewis 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monticello is $51,345, with tax bills ranging from $338 at the 25th percentile to $1,238 at the 90th percentile. The highest and lowest median tax bills are both $519 in the 63457 zip code.
Average Monticello Assessed Value
$51,345
Average Lewis County Assessed Value
$40,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63457 | $17,945 | $29,220 | $51,345 | $101,082 | $117,382 |
Source: Ownwell
Property Tax Bills Across Monticello, Missouri
In Monticello, Lewis County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Monticello stands at $51,345. Homeowners in this area see a range of tax bills, with the 25th percentile paying around $338 and the 75th percentile facing bills up to $1,006. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. The highest median tax bill in the area is $519, consistent across the zip code 63457. This contrasts with the national median property tax rate of 0.99%, demonstrating how local assessments and rates significantly impact what homeowners owe. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Monticello Tax Bill
$519
Average Lewis County Tax Bill
$410
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63457 | $205 | $338 | $519 | $1,006 | $1,238 |
Source: Ownwell