Newburg, Missouri Property Taxes
The median property tax rate in Newburg, MO is 0.94%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Newburg at $67,985, the typical annual property tax bill is $600, which is well below the national median of $2,690. Property taxes in Newburg 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 Newburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Newburg or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Newburg, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$639
Ownwell’s Newburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newburg 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 Newburg, Missouri
Property taxes in Newburg, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newburg is 0.94%, slightly lower than the U.S. national median of 0.99%. Local government entities within Newburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newburg 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 Newburg's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65550 has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Newburg provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newburg Tax Rate
0.94%
Average Phelps County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65550 | 0.66% | 0.87% | 0.94% | 0.98% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Newburg, Missouri
In Newburg, 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 Phelps 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 Newburg, 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 Newburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 65550 in Newburg has both the highest and lowest median tax bill at $600.
Average Newburg Assessed Value
$67,985
Average Phelps County Assessed Value
$106,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65550 | $13,377 | $28,010 | $67,985 | $117,522 | $171,355 |
Source: Ownwell
Property Tax Bills Across Newburg, Missouri
In Newburg, located in Phelps County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Newburg experience a range of tax bills, with the 25th percentile at $254 and the 75th percentile at $1,056. The highest median tax bill in the area is $600, which is consistent across the zip code 65550. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Newburg’s property tax rates can vary significantly. For homeowners, this means that the amount owed annually can differ widely based on their specific property’s assessed value and the local tax rate. Understanding these factors is crucial for homeowners as it directly impacts their annual financial obligations and budgeting. By being aware of how these elements interplay, homeowners can better anticipate their property tax bills and plan accordingly.
Average Newburg Tax Bill
$600
Average Phelps County Tax Bill
$1,009
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Newburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65550 | $130 | $254 | $600 | $1,056 | $1,527 |
Source: Ownwell