Cerritos, Missouri Property Taxes
The median property tax rate in Cerritos, Missouri is 1.27%, which is considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Cerritos, the typical annual property tax bill reaches $86, exceeding the national median of $2,690. Property taxes in Cerritos are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cerritos'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 Cerritos 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
Cerritos, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$86
Ownwell’s Cerritos Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cerritos with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cerritos 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 Cerritos, Missouri
Property taxes in Cerritos, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cerritos is 1.27%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Cerritos set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cerritos 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 Cerritos's effective property tax rate to other areas and the national median. For comparison, the zip code 90703 has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these figures compare with Cerritos 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 Cerritos Tax Rate
1.27%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cerritos, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90703 | 1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Cerritos, Missouri
In Cerritos, 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 Cerritos, 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 Cerritos helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cerritos is $6,800, with tax bills ranging from $86 at the 25th percentile to $86 at the 90th percentile.
Average Cerritos Assessed Value
$6,800
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 Cerritos, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90703 | $6,800 | $6,800 | $6,800 | $6,800 | $6,800 |
Source: Ownwell
Property Tax Bills Across Cerritos, Missouri
In Cerritos, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Cerritos, the median home price stands at $6,800, with property tax bills typically around $86, reflecting a relatively low tax burden compared to the national median property tax rate of 0.99%. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions or deductions. These elements are carefully considered to ensure fair taxation. Homeowners should be aware that changes in property values or tax rates can affect their annual tax bills. Understanding these factors can help homeowners anticipate and manage their property tax obligations better, ensuring they are not caught off guard by unexpected increases. By staying informed, homeowners in Cerritos can better navigate their financial responsibilities related to property ownership.
Average Cerritos Tax Bill
$86
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Cerritos, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90703 | $86 | $86 | $86 | $86 | $86 |
Source: Ownwell