Frankford, Missouri Property Taxes
The median property tax rate in Frankford, MO is 0.90%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Frankford at $108,505, the typical annual property tax bill amounts to $1,003, significantly below the national median of $2,690. Property taxes in Frankford are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Frankford's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Frankford 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
Frankford, 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 Frankford Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Frankford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankford to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available further down the page. Your property’s assessed value is the value assigned by Ralls County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Frankford, Missouri
Property taxes in Frankford, Missouri, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankford is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Frankford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankford 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 Frankford's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63441 zip code 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 Frankford provides valuable insights into the varying tax landscape across Ralls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankford Tax Rate
0.90%
Average Ralls County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | 0.76% | 0.83% | 0.90% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Frankford, Missouri
In Frankford, 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 Ralls 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 Frankford, 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 Frankford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Frankford is 63441, with a median tax bill of $1003.
Average Frankford Assessed Value
$108,505
Average Ralls County Assessed Value
$94,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | $51,630 | $76,365 | $108,505 | $191,508 | $259,826 |
Source: Ownwell
Property Tax Bills Across Frankford, Missouri
In Frankford, located in Ralls County, MO, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $108,505, homeowners can expect varying tax bills. In Frankford, the 25th percentile tax bill stands at $684, while the 75th percentile reaches $1,600, and the 90th percentile goes up to $2,168. These figures indicate how the property tax landscape can significantly impact homeowners, depending on the assessed value of their property and the applicable tax rate. The highest and lowest median tax bills in the region both amount to $1,003, showcasing a relatively narrow range compared to other areas. This structured approach ensures that property taxes are fairly distributed, reflecting the property's worth and the homeowner's financial responsibility.
Average Frankford Tax Bill
$1,003
Average Ralls County Tax Bill
$888
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankford, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63441 | $467 | $684 | $1,003 | $1,600 | $2,168 |
Source: Ownwell