Old Monroe, Missouri Property Taxes
The median property tax rate in Old Monroe, MO is 1.06%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Old Monroe at $137,340, the typical annual property tax bill amounts to $1,511, which is below the national median of $2,690. Property taxes in Old Monroe are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Old Monroe'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 Old Monroe or elsewhere in Lincoln County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Old Monroe, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,456
Ownwell’s OLD MONROE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in OLD MONROE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in OLD MONROE 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 Old Monroe, Missouri
Property taxes in Old Monroe, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Old Monroe is 1.06%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Old Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Old Monroe 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 Old Monroe's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63369 zip code has the highest median property tax rate of 1.06%, while the same 63369 zip code also has the lowest median tax rate of 1.06%. Understanding how these areas compare with Old Monroe provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Old Monroe Tax Rate
1.06%
Average Lincoln County Tax Rate
1.17%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Old Monroe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63369 | 1.04% | 1.06% | 1.06% | 1.12% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Old Monroe, Missouri
In Old Monroe, 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 Lincoln 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 Old Monroe, 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 median home price in Old Monroe stands at $137,340, with tax bills ranging from $839 at the 25th percentile to $3,785 at the 90th percentile. The highest and lowest median tax bills, both at $1,511, are found in the 63369 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 Old Monroe Assessed Value
$137,340
Average Lincoln County Assessed Value
$149,220
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Old Monroe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63369 | $12,000 | $75,435 | $137,340 | $263,605 | $352,684 |
Source: Ownwell
Property Tax Bills Across Old Monroe, Missouri
Property tax bills in Old Monroe, located in Lincoln County, MO, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and represents a percentage of the property's market value. For instance, with a median home price of $137,340, homeowners can expect varying tax bills depending on their property's assessed value and the applicable tax rate. Factors influencing the tax bill include the property's location, size, and any applicable exemptions. In Old Monroe, the median property tax bill is $1,511, which is higher than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $839, while those in the 75th percentile see bills up to $2,807. At the 90th percentile, tax bills can reach $3,785. These property taxes fund local services such as schools, emergency services, and infrastructure, directly impacting the community's quality of life and homeowners' financial planning.
Average Old Monroe Tax Bill
$1,511
Average Lincoln County Tax Bill
$1,734
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Old Monroe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63369 | $132 | $839 | $1,511 | $2,807 | $3,785 |
Source: Ownwell