Mentor, Missouri Property Taxes
The median property tax rate in Mentor, MO, is 0.85%, lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Mentor, the typical annual property tax bill reaches $339, significantly below the national median of $2,690. Property taxes in Mentor 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 Mentor'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 Mentor 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
Mentor, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$339
Ownwell’s Mentor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mentor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mentor 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 Mentor, Missouri
Property taxes in Mentor, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mentor is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Mentor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mentor 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 Mentor's effective property tax rate to other counties in Missouri and the national median. For comparison, the 44060 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Mentor 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 Mentor Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mentor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Mentor, Missouri
In Mentor, 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 Mentor, 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 Mentor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 44060, with a median tax bill of $339, which is also the lowest median tax bill.
Average Mentor Assessed Value
$39,850
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 Mentor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $21,650 | $28,475 | $39,850 | $51,225 | $58,050 |
Source: Ownwell
Property Tax Bills Across Mentor, Missouri
In Mentor, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. For example, with a median home price of $39,850, homeowners can expect a median tax bill of $339.00. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in the 25th percentile pay around $243, while those in the 75th percentile see bills closer to $436. At the 90th percentile, the tax bill can reach up to $494. These figures highlight the variability in property taxes within the area, reflecting differences in home values and other assessed factors. Understanding how these elements interplay can help homeowners anticipate their property tax obligations and plan accordingly, ensuring they are prepared for their annual tax bills.
Average Mentor Tax Bill
$339
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Mentor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44060 | $184 | $243 | $339 | $436 | $494 |
Source: Ownwell