Fairbanks, Missouri Property Taxes
The median property tax rate in Fairbanks, MO is 0.83%, which is notably lower than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Fairbanks at $6,100, the typical annual property tax bill amounts to $51, significantly below the national median of $2,690. Property taxes in Fairbanks are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Fairbanks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fairbanks or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fairbanks, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$51
Ownwell’s Fairbanks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairbanks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairbanks 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 Fairbanks, Missouri
Property taxes in Fairbanks, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairbanks is 0.83%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Fairbanks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairbanks 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 Fairbanks' effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 1.25%, while the lowest median tax rate is 0.45%. Understanding how these cities compare with Fairbanks 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 Fairbanks Tax Rate
0.83%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairbanks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Fairbanks, Missouri
In Fairbanks, 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 Fairbanks, 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 Fairbanks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Fairbanks is $6,100, with tax bills at the 25th, 75th, and 90th percentiles being $51.
Average Fairbanks Assessed Value
$6,100
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 Fairbanks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Fairbanks, Missouri
In Fairbanks, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the home's market value, reflecting its worth in the current real estate market. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. Homeowners in Fairbanks face property tax bills that can significantly impact their finances. For instance, the median home price in Fairbanks stands at $6,100, leading to property tax bills that typically range around $51, as seen in the 25th, 75th, and 90th percentiles. Compared to the national median property tax rate of 0.99%, the property tax rate in Fairbanks is relatively modest. This lower tax burden can make homeownership more affordable, yet it also underscores the importance of accurate property assessments to ensure fair taxation.
Average Fairbanks Tax Bill
$51
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairbanks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell