Downing, Missouri Property Taxes
The median property tax rate in Downing, MO is 0.98%, slightly lower than the national median of 0.99% and significantly below the Missouri state median of 1.20%. With a median home value of $80,640 in Downing, the typical annual property tax bill comes to $857, which is well below the national median of $2,690. Property taxes in Downing are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Downing'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 Downing or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Downing, 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 Downing Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Downing. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Downing to provide an accurate estimate of your property tax bill. This valuable tool offers clear insight into potential tax liabilities, helping you plan your finances more effectively. For those interested in more granular details, additional neighborhood-specific information is available further down the page. Remember, your property's assessed value is determined by the county for tax purposes and may include applicable exemptions.
Property Tax Rates Across Downing, Missouri
Property taxes in Downing, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Downing is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Downing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Downing 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 Downing's effective property tax rate to other regions in Missouri and the national median. For comparison, the zip code 63536 has the highest median property tax rate of 0.98%, while the lowest median tax rate in the same zip code is also 0.98%. Understanding how these cities compare with Downing provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Downing Tax Rate
0.98%
Average Scotland County Tax Rate
1.18%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Downing, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63536 | 0.77% | 0.88% | 0.98% | 1.09% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Downing, Missouri
In Downing, 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 Scotland 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 Downing, 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 Downing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Downing is $80,640, with tax bills ranging from $378 at the 25th percentile to $2,548 at the 90th percentile. The highest and lowest median tax bill in the area is $857 in the 63536 zip code.
Average Downing Assessed Value
$80,640
Average Scotland County Assessed Value
$40,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Downing, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63536 | $12,690 | $42,055 | $80,640 | $169,715 | $239,260 |
Source: Ownwell
Property Tax Bills Across Downing, Missouri
In Downing, Missouri, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Downing is $80,640. Local tax authorities determine the assessed value and apply the local property tax rate to this value to calculate the tax bill. Several factors influence the tax bill, including the home's location within Scotland County, any applicable exemptions, and the specific tax rate set by local jurisdictions. For instance, the 25th percentile tax bill in Downing is $378, while the 75th percentile tax bill is $1,688, and the 90th percentile tax bill reaches $2,548. Compared to the national median property tax rate of 0.99%, Downing's property tax amounts can vary significantly, impacting homeowners differently based on their property's assessed value. Homeowners in the highest median tax bill zip code, 63536, see an average tax bill of $857. This variability underscores the importance of understanding how local property taxes are calculated and their potential impact on household finances.
Average Downing Tax Bill
$857
Average Scotland County Tax Bill
$472
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Downing, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63536 | $117 | $378 | $857 | $1,688 | $2,548 |
Source: Ownwell