Polk City, Missouri Property Taxes
The median property tax rate in Polk City, MO is 2.00%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Polk City, the typical annual property tax bill reaches $46, falling well below the national median of $2,690. Property taxes in Polk City 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 Polk City'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 Polk City 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
Polk City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$46
Ownwell’s Polk City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polk City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polk City 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 Polk City, Missouri
Property taxes in Polk City, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polk City is 2.00%, significantly higher than the U.S. national median of 0.99%. Local government entities within Polk City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polk City 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 Polk City's effective property tax rate to other areas in Missouri and the national median. For comparison, the 50226 zip code has both the highest and lowest median property tax rate of 2.00%. Understanding how these areas compare with Polk City 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 Polk City Tax Rate
2.00%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polk City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50226 | 1.96% | 1.97% | 2.00% | 2.02% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Polk City, Missouri
In Polk City, 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 local 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 Polk City, 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 Polk City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Polk City Assessed Value
$2,300
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 Polk City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50226 | $2,220 | $2,250 | $2,300 | $2,350 | $2,380 |
Source: Ownwell
Property Tax Bills Across Polk City, Missouri
In Polk City, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors, including the property's location, size, and improvements, influence the assessed value. For homeowners, this process means that any changes in the real estate market or property enhancements can impact their tax bills. The median home price in Polk City is notably low at $2,300, and tax bills vary slightly across different percentiles. For instance, the tax bill at the 25th percentile is $45, while it rises marginally to $46 at the 75th percentile and $47 at the 90th percentile. These figures suggest a relatively narrow range of property tax bills, which can be beneficial for homeowners seeking predictability in their annual expenses. Compared to the national median property tax rate of 0.99%, Polk City offers a more affordable tax environment, providing some financial relief to its residents.
Average Polk City Tax Bill
$46
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Polk City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50226 | $45 | $45 | $46 | $46 | $47 |
Source: Ownwell