New Bloomfield, Missouri Property Taxes
The median property tax rate in New Bloomfield, MO is 0.84%, notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $12,900 in New Bloomfield, the typical annual property tax bill is approximately $100, significantly less than the national median of $2,690. Property taxes in New Bloomfield are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding New Bloomfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of New Bloomfield or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Bloomfield, 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 New Bloomfield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in New Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in New Bloomfield to project your property tax bill. This useful tool provides clarity on potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county and is used for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across New Bloomfield, Missouri
Property taxes in New Bloomfield, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Bloomfield is 0.84%, lower than the U.S. national median of 0.99%. Local government entities within New Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Bloomfield 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 New Bloomfield's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65063 has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with New Bloomfield 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 New Bloomfield Tax Rate
0.84%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65063 | 0.79% | 0.80% | 0.84% | 0.98% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across New Bloomfield, Missouri
In New Bloomfield, 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 New Bloomfield, 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. The median home price in New Bloomfield is $12,900, with tax bills ranging from $74 at the 25th percentile to $1,016 at the 90th percentile. 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 New Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average New Bloomfield Assessed Value
$12,900
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 New Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65063 | $6,020 | $8,600 | $12,900 | $81,000 | $121,860 |
Source: Ownwell
Property Tax Bills Across New Bloomfield, Missouri
In New Bloomfield, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in this area is $12,900. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in New Bloomfield can expect their property tax bills to vary significantly. For example, those in the 25th percentile pay around $74, while those in the 75th percentile face bills of approximately $672. At the higher end, the 90th percentile sees tax bills reaching up to $1,016. These variations can impact homeowners differently, with lower tax bills providing some financial relief and higher bills potentially adding a significant burden. Understanding these factors and how they affect your tax bill is crucial for effective financial planning.
Average New Bloomfield Tax Bill
$100
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across New Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65063 | $58 | $74 | $100 | $672 | $1,016 |
Source: Ownwell