Neosho, Missouri Property Taxes
The median property tax rate in Neosho, MO is 1.10%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $65,150, the typical annual property tax bill in Neosho is approximately $747, which is well below the national median of $2,690. Property taxes in Neosho are calculated based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Neosho's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Neosho or another part of Newton County, being informed about the local property tax system will benefit you financially.
Last Updated June 14, 2024
Neosho, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$717
Ownwell’s Neosho Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neosho with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neosho 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 Neosho, Missouri
Property taxes in Neosho, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Neosho is 1.10%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Neosho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neosho 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 Neosho's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64850 zip code has the highest median property tax rate of 1.10%, while the same 64850 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Neosho provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neosho Tax Rate
1.10%
Average Newton County Tax Rate
1.09%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | 1.05% | 1.07% | 1.10% | 1.14% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Neosho, Missouri
In Neosho, 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 Newton 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 Neosho, 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 Neosho helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Neosho, the zip code with the highest median tax bill is 64850, with a value of $747, while the lowest median tax bill is also in zip code 64850, with the same value of $747.
Average Neosho Assessed Value
$65,150
Average Newton County Assessed Value
$71,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | $24,990 | $40,300 | $65,150 | $103,500 | $141,610 |
Source: Ownwell
Property Tax Bills Across Neosho, Missouri
In Neosho, located in Newton County, MO, property tax bills are calculated based on the assessed value of a property. The assessed value is typically a percentage of the market value, which local assessors determine. For example, with a median home price of $65,150, the tax bill can vary significantly. Homeowners in Neosho may see tax bills ranging from $469 at the 25th percentile to $1,597 at the 90th percentile. Factors influencing these tax bills include the property's assessed value, the local tax rate, and any applicable exemptions. The local tax rate is applied to the assessed value to determine the final tax bill. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by requiring them to budget for these annual expenses. Comparatively, Neosho's median tax bill of $747 aligns with the national median property tax rate of 0.99%, offering a relatively moderate tax burden for its residents.
Average Neosho Tax Bill
$747
Average Newton County Tax Bill
$791
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | $304 | $469 | $747 | $1,164 | $1,597 |
Source: Ownwell