Truxton, Missouri Property Taxes
The median property tax rate in Truxton, MO is 1.17%, which is higher than the national median of 0.99% but slightly below the Missouri state median of 1.20%. With the median home value in Truxton at $62,850, the typical annual property tax bill amounts to $705, significantly lower than the national median of $2,690. Property taxes in Truxton are calculated based on the tax assessed value, which often falls below the market value due to exemptions like those for primary residences and agricultural properties. Understanding Truxton'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 Truxton or another part of Lincoln County, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Truxton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$735
Ownwell’s Truxton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Truxton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Truxton 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 Truxton, Missouri
Property taxes in Truxton, MO, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Truxton is 1.17%, higher than the U.S. national median of 0.99%. Local government entities within Truxton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Truxton 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 Truxton's effective property tax rate to other regions and the national median. For comparison, the zip code 63381 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these rates compare with Truxton 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 Truxton Tax Rate
1.17%
Average Lincoln County Tax Rate
1.17%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Truxton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63381 | 1.06% | 1.13% | 1.17% | 1.24% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Truxton, Missouri
In Truxton, 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 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 Truxton, 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 Truxton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63381 has the highest median tax bill at $705.00, providing a useful benchmark for comparison.
Average Truxton Assessed Value
$62,850
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 Truxton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63381 | $1,830 | $17,210 | $62,850 | $126,310 | $231,346 |
Source: Ownwell
Property Tax Bills Across Truxton, Missouri
Property tax bills in Truxton, located in Lincoln County, Missouri, 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 homeowners in Truxton, the median home price is $62,850. The tax rate applied to this assessed value varies, but it ultimately determines the final tax bill. Factors such as local government budgets, school funding, and public services influence the tax rate. In Truxton, the 25th percentile tax bill is $212, while the 75th percentile tax bill reaches $1,417. At the 90th percentile, homeowners can expect a tax bill of $2,649. These property taxes significantly impact homeowners, affecting their overall cost of living and financial planning. Compared to the national median property tax rate of 0.99%, Truxton's property tax bills reflect the local economic conditions and funding requirements.
Average Truxton Tax Bill
$705
Average Lincoln County Tax Bill
$1,734
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Truxton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63381 | $23 | $212 | $705 | $1,417 | $2,649 |
Source: Ownwell