Fairway, Missouri Property Taxes
The median property tax rate in Fairway, MO is 0.90%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Fairway, the typical annual property tax bill amounts to $113, significantly below the national median of $2,690. Property taxes in Fairway 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 Fairway'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 Fairway 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
Fairway, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$113
Ownwell’s FAIRWAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FAIRWAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FAIRWAY 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 Fairway, Missouri
Property taxes in Fairway, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairway is 1.25%, which is significantly higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Fairway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairway 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 Fairway's 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 1.50%, while the lowest median tax rate is 0.75%. Understanding how these cities compare with Fairway 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 Fairway Tax Rate
0.90%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairway, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Fairway, Missouri
In Fairway, 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 Fairway, 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. For instance, the median home price in Fairway is $12,600, with tax bills ranging significantly. The 25th, 75th, and 90th percentile tax bills are all $113, indicating a relatively uniform tax burden across various property values. 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 Fairway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fairway Assessed Value
$12,600
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 Fairway, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Fairway, Missouri
Property tax bills in Fairway, located in Morgan County, MO, are calculated based on the assessed value of a property, which is a percentage of its market value. In Fairway, the median home price is $12,600. Property taxes are then determined by applying the local tax rate to this assessed value. The tax rate in Fairway contributes to a relatively low tax burden compared to the national median property tax rate of 0.99%. For homeowners in Fairway, the tax bills can vary significantly. For instance, the 25th, 75th, and 90th percentiles of tax bills in this area are all $113. This uniformity suggests a consistent application of tax rates across different property values. Factors that influence the tax bill include the property's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Understanding how these factors interplay can help homeowners anticipate their property tax liabilities. This, in turn, affects overall home affordability and long-term financial planning for residents in Fairway.
Average Fairway Tax Bill
$113
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairway, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell