Rocky Mount, Missouri Property Taxes
The median property tax rate in Rocky Mount, MO is 0.90%, which is below both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $148,000 in Rocky Mount, the typical annual property tax bill amounts to $1,303, which is lower than the national median of $2,690. Property taxes in Rocky Mount are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Rocky Mount'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 Rocky Mount 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
Rocky Mount, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,332
Ownwell’s Rocky Mount Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rocky Mount with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rocky Mount 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 Rocky Mount, Missouri
Property taxes in Rocky Mount, Missouri, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Rocky Mount is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Rocky Mount set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rocky Mount 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 Rocky Mount's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65072 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Rocky Mount 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 Rocky Mount Tax Rate
0.90%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rocky Mount, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65072 | 0.81% | 0.85% | 0.90% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Rocky Mount, Missouri
In Rocky Mount, 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 Rocky Mount, 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 Rocky Mount is $148,000, with tax bills ranging from $681 at the 25th percentile to $2,455 at the 90th percentile. The highest median tax bill in the area is $1,303, found in the 65072 zip code, which also has the lowest median 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 Rocky Mount helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rocky Mount Assessed Value
$148,000
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 Rocky Mount, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65072 | $19,200 | $77,700 | $148,000 | $212,900 | $275,400 |
Source: Ownwell
Property Tax Bills Across Rocky Mount, Missouri
In Rocky Mount, 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, with a median home price of $148,000, the assessed value is determined by applying the state's assessment rate. The resulting assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence this tax bill, including the home's market value, the local tax rate, and any applicable exemptions. Homeowners in Rocky Mount can expect their tax bills to vary significantly. The 25th percentile tax bill is around $681, while those in the 75th percentile pay approximately $1833. At the 90th percentile, the tax bill can reach up to $2455. These property taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the community's quality of life. Homeowners must budget for these taxes, as they are a critical component of homeownership costs in Rocky Mount.
Average Rocky Mount Tax Bill
$1,303
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Rocky Mount, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65072 | $176 | $681 | $1,303 | $1,833 | $2,455 |
Source: Ownwell