Palace, Missouri Property Taxes
The median property tax rate in PALACE, MO is 1.02%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With the median home value in PALACE, the typical annual property tax bill amounts to $74, which is significantly below the national median of $2,690. Property taxes in PALACE are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding PALACE's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to meaningful annual savings. Whether you're in the heart of PALACE 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
Palace, 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 PALACE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PALACE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PALACE 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 Palace, Missouri
Property taxes in Palace, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palace is 1.02%, higher than the U.S. national median of 0.99%. Local government entities within Palace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palace 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 Palace’s effective property tax rate to other areas in Morgan County and the national median. For comparison, the 65552 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these areas compare with Palace 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 Palace Tax Rate
1.02%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palace, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Palace, Missouri
In PALACE, 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 PALACE, 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 PALACE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in PALACE is $7,200, with tax bills ranging from $74 at the 25th percentile to $74 at the 90th percentile.
Average Palace Assessed Value
$7,200
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 Palace, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $7,200 | $7,200 | $7,200 | $7,200 | $7,200 |
Source: Ownwell
Property Tax Bills Across Palace, Missouri
In Palace, located in Morgan County, MO, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value of the property, which is then multiplied by the local tax rate to calculate the tax bill. For instance, with a median home price of $7,200, the property taxes can vary significantly. Homeowners in the 25th percentile, 75th percentile, and even the 90th percentile all face a tax bill of $74. This uniformity in tax bills across different percentiles suggests a relatively stable tax rate in the region. Compared to the national median property tax rate of 0.99%, Palace offers an affordable property tax environment, making it appealing for homeowners. The tax bill impacts homeowners by contributing to local services such as schools, infrastructure, and emergency services, ensuring that residents benefit from the taxes they pay. This system provides a balanced approach, ensuring that property taxes are manageable while supporting community development.
Average Palace Tax Bill
$74
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Palace, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65552 | $74 | $74 | $74 | $74 | $74 |
Source: Ownwell