Burbank, Missouri Property Taxes
The median property tax rate in Burbank, MO is 1.18%, slightly higher than the national median of 0.99% but just below the Missouri state median of 1.20%. With the median home value in Burbank, the typical annual property tax bill is around $37, which is significantly lower than the national median of $2,690. Property taxes in Burbank are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Burbank'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 Burbank 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
Burbank, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$41
Ownwell’s Burbank Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burbank with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burbank 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 Burbank, Missouri
Property taxes in Burbank, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Burbank is 1.18%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Burbank set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burbank 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 Burbank's effective property tax rate to other counties in Missouri and the national median. For comparison, the 91505 zip code has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these cities compare with Burbank 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 Burbank Tax Rate
1.18%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burbank, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91505 | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Burbank, Missouri
In Burbank, 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 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 Burbank, 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 Burbank helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Burbank is $3,450, with tax bills ranging from $33 at the 25th percentile to $45 at the 90th percentile.
Average Burbank Assessed Value
$3,450
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 Burbank, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91505 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
Source: Ownwell
Property Tax Bills Across Burbank, Missouri
Property tax bills in Burbank, Morgan County, MO, are determined by assessing the property's value and applying the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Burbank, the median home price is $3,450, which is relatively low compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. In Burbank, the 25th percentile tax bill is approximately $33, while the 75th percentile tax bill is around $42. At the 90th percentile, homeowners can expect a tax bill of about $45. These figures highlight the range of property tax obligations within the community, illustrating how different property values and assessments can impact the amount owed. Understanding these factors helps homeowners in Burbank plan for their annual property tax expenses effectively.
Average Burbank Tax Bill
$37
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Burbank, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91505 | $28 | $28 | $28 | $28 | $28 |
Source: Ownwell