Homosassa, Missouri Property Taxes
The median property tax rate in Homosassa, MO is 0.95%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Homosassa at $7,200, the typical annual property tax bill is just $68, which is far below the national median of $2,690. Property taxes in Homosassa are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding the property tax system in Homosassa, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Homosassa or another part of Morgan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Homosassa, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$68
Ownwell’s Homosassa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homosassa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homosassa 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 Morgan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Homosassa, Missouri
Property taxes in Homosassa, Missouri, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Homosassa is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Homosassa set these rates annually, and they can vary across different neighborhoods. Each year, Homosassa 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 Homosassa's effective property tax rate to other regions in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is found in ZIP code 63141 with a rate of 1.25%, while the lowest median tax rate is in ZIP code 65401 with a rate of 0.75%. Understanding how these areas compare with Homosassa 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 Homosassa Tax Rate
0.95%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homosassa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Homosassa, Missouri
In Homosassa, 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. 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 Homosassa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Homosassa is $7,200, with tax bills at the 25th, 75th, and 90th percentiles all at $68, reflecting the relatively low property tax burden in the area compared to the national median property tax rate of 0.99%.
Average Homosassa Assessed Value
$7,200
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 Homosassa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Homosassa, Missouri
In Homosassa, Morgan County, MO, property tax bills are determined based on the assessed value of the property, which is a percentage of the market value. The tax rate, which varies by locality, is then applied to this assessed value. For homeowners in Homosassa, the median home price stands at $7,200. This relatively low property value means that tax bills are also modest. For example, the 25th, 75th, and 90th percentiles of tax bills are all $68, showcasing a consistent tax burden across different property values. Factors influencing the tax bill include the market value of the property, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Homosassa's rates are considerably lower, providing some relief to homeowners. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes may have limited resources. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations.
Average Homosassa Tax Bill
$68
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Homosassa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell