Lake Lotawana, Missouri Property Taxes
The median property tax rate in Lake Lotawana, MO is 1.37%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lake Lotawana, the typical annual property tax bill reaches $74, which is significantly lower than the national median of $2,690. Property taxes in Lake Lotawana 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 Lake Lotawana'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 Lake Lotawana 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
Lake Lotawana, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$74
Ownwell’s Lake Lotawana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lotawana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lotawana 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 Lake Lotawana, Missouri
Property taxes in Lake Lotawana, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lotawana is 1.37%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lake Lotawana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Lotawana 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 Lake Lotawana's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 64086 has the highest median property tax rate of 1.37%, while the same zip code has the lowest median tax rate of 1.37%. Understanding how these areas compare with Lake Lotawana 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 Lake Lotawana Tax Rate
1.37%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | 1.37% | 1.37% | 1.37% | 1.37% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lotawana, Missouri
In Lake Lotawana, 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. Assessment notices in Lake Lotawana 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 Lake Lotawana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the median home price is $5,400, with tax bills ranging from $74 at the 25th percentile to $74 at the 90th percentile.
Average Lake Lotawana Assessed Value
$5,400
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 Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | $5,400 | $5,400 | $5,400 | $5,400 | $5,400 |
Source: Ownwell
Property Tax Bills Across Lake Lotawana, Missouri
In Lake Lotawana, located in Morgan County, MO, property tax bills are calculated based on the assessed value of the property. The assessed value is typically a percentage of the property's market value, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lake Lotawana, the property tax rate is a critical factor. With the national median property tax rate at 0.99%, local rates can significantly affect the financial burden on homeowners. The tax bills in Lake Lotawana highlight this impact, with the 25th, 75th, and 90th percentiles all at $74, indicating a relatively uniform tax burden across different property values. Understanding these factors is essential for homeowners as property taxes contribute to local services and infrastructure. By knowing how their tax bill is determined, homeowners can better plan for these annual expenses and potentially explore options for appealing their assessed value if they believe it is inaccurate.
Average Lake Lotawana Tax Bill
$74
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | $74 | $74 | $74 | $74 | $74 |
Source: Ownwell