Gatewood, Missouri Property Taxes
The median property tax rate in Gatewood, MO is 0.78%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $41,650 in Gatewood, the typical annual property tax bill amounts to $331, significantly below the national median of $2,690. Property taxes in Gatewood are determined based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Gatewood's property tax system, exploring potential exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're residing in Gatewood or investing in the area, familiarizing yourself with the local property tax regulations will prove beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Gatewood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$325
Ownwell’s GATEWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GATEWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GATEWOOD 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 Gatewood, Missouri
Property taxes in Gatewood, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gatewood is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Gatewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gatewood 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 Gatewood's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63942 has the same median property tax rate of 0.78%. Understanding how these cities compare with Gatewood provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gatewood Tax Rate
0.78%
Average Ripley County Tax Rate
0.74%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | 0.69% | 0.74% | 0.78% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Gatewood, Missouri
In Gatewood, 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 Ripley 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 Gatewood, 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. The median home price in Gatewood is $41,650, with tax bills ranging from $128 at the 25th percentile to $1,078 at the 90th percentile. The zip code 63942 has the highest median tax bill of $331. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gatewood Assessed Value
$41,650
Average Ripley County Assessed Value
$32,050
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | $7,830 | $17,050 | $41,650 | $78,875 | $118,880 |
Source: Ownwell
Property Tax Bills Across Gatewood, Missouri
In Gatewood, located in Ripley County, MO, property tax bills are calculated based on the assessed value of a home. The assessment process considers the market value of the property, which is then multiplied by the assessment rate set by the county. Homeowners in Gatewood typically experience property tax bills that vary significantly, with the 25th percentile at $128 and the 75th percentile reaching $612. For those at the 90th percentile, tax bills can go as high as $1,078. These tax rates are influenced by several factors, including the property's location, size, and market conditions. The highest median tax bill in the area is $331, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership in Gatewood more affordable compared to other regions. However, homeowners should still be aware of how changes in property values and local tax rates can impact their annual tax bills.
Average Gatewood Tax Bill
$331
Average Ripley County Tax Bill
$258
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | $58 | $128 | $331 | $612 | $1,078 |
Source: Ownwell