Lebanon, Missouri Property Taxes
The median property tax rate in Lebanon, MO is 2.09%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value in Lebanon, the typical annual property tax bill reaches $38, which is considerably lower than the national median of $2,690. Property taxes in Lebanon are calculated based on the assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lebanon'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 Lebanon 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
Lebanon, 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 Lebanon Property Tax Bill Calculator is an essential tool for any homeowner, real estate investor, or prospective buyer looking to estimate their annual property taxes in Lebanon. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lebanon to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed insights, localized neighborhood trends are available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Lebanon, Missouri
Property taxes in Lebanon, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.87%, lower than both the Missouri state median of 0.97% and the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65536 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Lebanon provides valuable insights into the varying tax landscape across Laclede County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
2.09%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65536 | 1.78% | 1.85% | 2.09% | 2.57% | 3.08% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Missouri
In Lebanon, 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are 65536 and 65543, with annual tax bills of $49 and $31, respectively.
Average Lebanon Assessed Value
$1,500
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 Lebanon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65536 | $1,060 | $1,150 | $1,500 | $2,100 | $2,640 |
Source: Ownwell
Property Tax Bills Across Lebanon, Missouri
In Lebanon, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor’s office, which evaluates the market value of the property and then applies an assessment ratio. In Missouri, this ratio typically stands at 19% for residential properties. The resulting assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and condition play a significant role in the assessment process. For example, in Lebanon, the median home price is around $1,500. Homeowners in the 25th percentile of tax bills pay approximately $31, while those in the 75th percentile pay about $44. The top 10% of property tax bills reach around $49. These figures are relatively low compared to the national median property tax rate of 0.99%, making Lebanon an attractive location for homeowners seeking affordable property taxes. This system ensures that property taxes are fairly distributed based on property values, impacting homeowners' annual financial planning.
Average Lebanon Tax Bill
$38
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65536 | $26 | $31 | $38 | $44 | $49 |
Source: Ownwell