Lake Ozark, Missouri Property Taxes
The median property tax rate in Lake Ozark, MO is 0.91%, 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 Lake Ozark at $8,600, the typical annual property tax bill is $87, significantly less than the national median of $2,690. Property taxes in Lake Ozark 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 Lake Ozark'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 Ozark 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
Lake Ozark, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Lake Ozark Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Ozark with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Ozark 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 Lake Ozark, Missouri
Property taxes in Lake Ozark, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Ozark is 0.91%, which is below the U.S. national median of 0.99%. Local government entities within Lake Ozark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Ozark 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 Ozark's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65049 zip code has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Lake Ozark 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 Ozark Tax Rate
0.91%
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 Ozark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65049 | 0.77% | 0.85% | 0.91% | 1.47% | 2.29% |
Source: Ownwell
Property Tax Assessment Values Across Lake Ozark, Missouri
In Lake Ozark, 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 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 Lake Ozark, 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 Lake Ozark helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest tax bill in Lake Ozark sees an annual bill of $918, while the lowest is $41.
Average Lake Ozark Assessed Value
$8,600
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 Lake Ozark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65049 | $1,560 | $3,600 | $8,600 | $49,200 | $106,840 |
Source: Ownwell
Property Tax Bills Across Lake Ozark, Missouri
In Lake Ozark, located in Morgan County, MO, 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 tax bill. Factors such as property location, size, and improvements can influence the assessed value. For homeowners, this means that any changes in the market value of their property will directly impact their tax bill. For instance, with a median home price of $8,600, the property tax bills can vary significantly. At the 25th percentile, homeowners might see a tax bill around $41, while those at the 75th percentile could pay approximately $443. At the higher end, the 90th percentile tax bill reaches about $918. These variations highlight how property taxes can affect homeowners differently, depending on the assessed value of their property. Given the national median property tax rate of 0.99%, understanding these factors is crucial for homeowners in managing their financial obligations.
Average Lake Ozark Tax Bill
$87
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Ozark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65049 | $33 | $41 | $87 | $443 | $918 |
Source: Ownwell