Tipton, Missouri Property Taxes
The median property tax rate in Tipton, MO is 1.09%, slightly higher than the national median of 0.99% but below the Missouri state median of 1.20%. With the median home value in Tipton at $78,600, the typical annual property tax bill reaches $917, which is significantly lower than the national median of $2,690. Property taxes in Tipton are calculated based on the assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Tipton'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 Tipton or another part of Moniteau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tipton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$857
Ownwell’s Tipton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipton 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 Tipton, Missouri
Property taxes in Tipton, Missouri, play a crucial role in financing essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Tipton is 1.09%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65081 zip code has both the highest and lowest median property tax rate of 1.09%. Understanding how these areas compare with Tipton provides valuable insights into the varying tax landscape across Moniteau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tipton Tax Rate
1.09%
Average Moniteau County Tax Rate
1.03%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | 0.93% | 1.09% | 1.09% | 1.09% | 5.05% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Missouri
In Tipton, 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 Moniteau 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 Tipton, 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 Tipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $917.00, specifically in the 65081 zip code.
Average Tipton Assessed Value
$78,600
Average Moniteau County Assessed Value
$88,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | $32,300 | $52,300 | $78,600 | $115,750 | $175,140 |
Source: Ownwell
Property Tax Bills Across Tipton, Missouri
In Tipton, Missouri, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in Moniteau County, the median home price is $78,600. The property tax rate in Tipton is determined by local taxing authorities and is applied to the assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the home's market value, assessment ratio, and applicable tax rates. For instance, residents in Tipton see a wide range of tax bills, with the 25th percentile paying around $599 and the 75th percentile paying up to $1,507. At the higher end, the 90th percentile faces tax bills as high as $4,589. These property taxes significantly impact homeowners, as they must budget for these annual expenses. Compared to the national median property tax rate of 0.99%, Tipton's rates provide a useful benchmark for understanding local tax obligations.
Average Tipton Tax Bill
$917
Average Moniteau County Tax Bill
$1,018
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | $360 | $599 | $917 | $1,507 | $4,589 |
Source: Ownwell