Bloomington, Missouri Property Taxes
The median property tax rate in Bloomington, MO is 0.94%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With a median home value of $18,000 in Bloomington, the typical annual property tax bill is $169, which is well below the national median of $2,690. Property taxes in Bloomington 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 Bloomington'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 Bloomington or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomington, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Bloomington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomington 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 Bloomington, Missouri
Property taxes in Bloomington, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomington is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Bloomington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomington 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 Bloomington's effective property tax rate to other areas and the national median. For comparison, the 92316 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Bloomington provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomington Tax Rate
0.94%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92316 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Bloomington, Missouri
In Bloomington, 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 Morgan 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 Bloomington, 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 Bloomington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bloomington are both $169, found in the 92316 zip code.
Average Bloomington Assessed Value
$18,000
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92316 | $18,000 | $18,000 | $18,000 | $18,000 | $18,000 |
Source: Ownwell
Property Tax Bills Across Bloomington, Missouri
In Bloomington, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Key factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that fluctuations in the real estate market can directly impact their tax obligations. For instance, with a median home price of $18,000, the tax bills in Bloomington typically range around $169, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can be a financial relief for homeowners, making it easier to manage their annual expenses. Understanding these components helps homeowners anticipate their tax responsibilities and plan accordingly.
Average Bloomington Tax Bill
$169
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 92316 | $169 | $169 | $169 | $169 | $169 |
Source: Ownwell