Lititz, Missouri Property Taxes
The median property tax rate in Lititz, MO is 1.42%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lititz, the typical annual property tax bill reaches $68, which is significantly lower than the national median of $2,690. Property taxes in Lititz 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 Lititz'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 Lititz 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
Lititz, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$68
Ownwell’s Lititz Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lititz with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Lititz to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in more granular data, additional trends and localized information are available further down the page. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lititz, Missouri
Property taxes in Lititz, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lititz is 1.42%, higher than the U.S. national median of 0.99%. Local government entities within Lititz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lititz 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 Lititz's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 17543 has both the highest and lowest median property tax rate of 1.42%. Understanding how these cities compare with Lititz 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 Lititz Tax Rate
1.42%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lititz, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17543 | 1.42% | 1.42% | 1.42% | 1.42% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Lititz, Missouri
In Lititz, 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 Lititz, 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 Lititz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 25th, 75th, and 90th percentile tax bills in Lititz are all $68, reflecting a consistent tax burden across different property values.
Average Lititz Assessed Value
$4,800
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 Lititz, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17543 | $4,800 | $4,800 | $4,800 | $4,800 | $4,800 |
Source: Ownwell
Property Tax Bills Across Lititz, Missouri
In Lititz, Morgan County, MO, property tax bills are calculated based on the assessed value of your property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. Factors such as property type, location, and any applicable exemptions play a role in this calculation. For instance, the median home price in Lititz is $4,800, which, when assessed, leads to a specific tax bill. Homeowners in Lititz can expect their tax bills to vary slightly, but the 25th, 75th, and 90th percentiles all show a consistent tax bill of $68. This uniformity suggests a stable property tax environment. Compared to the national median property tax rate of 0.99%, Lititz offers a relatively low and predictable tax burden for homeowners. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they can manage their property taxes effectively.
Average Lititz 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 Lititz, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 17543 | $68 | $68 | $68 | $68 | $68 |
Source: Ownwell