Billings, Missouri Property Taxes
The median property tax rate in Billings, MO is 1.03%, slightly higher than the national median of 0.99% but below the Missouri state median of 1.20%. With a median home value of $72,600 in Billings, the typical annual property tax bill amounts to $714, which is lower than the national median of $2,690. Property taxes in Billings are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Billings or another part of Stone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Billings, 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 Billings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Billings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Billings 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 Billings, Missouri
Property taxes in Billings, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 0.99%, aligning with the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings' effective property tax rate to other counties in Missouri and the national median. For comparison, the 65610 zip code has both the highest and lowest median property tax rate of 1.03%. Understanding how these areas compare with Billings provides valuable insights into the varying tax landscape across Stone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
1.03%
Average Stone County Tax Rate
0.93%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | 0.85% | 0.95% | 1.03% | 1.07% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Missouri
In Billings, 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 Stone 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 Billings, 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 Billings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill is $714 in zip code 65610, while the lowest median tax bill is also $714 in the same zip code.
Average Billings Assessed Value
$72,600
Average Stone County Assessed Value
$50,150
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | $11,900 | $31,950 | $72,600 | $147,450 | $191,700 |
Source: Ownwell
Property Tax Bills Across Billings, Missouri
In Billings, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For homeowners in Billings, the median home price is $72,600. Property tax bills can vary significantly, with the 25th percentile paying around $311 annually, while those in the 75th percentile face bills of approximately $1,543. The 90th percentile sees even higher bills, reaching up to $2,005. Compared to the national median property tax rate of 0.99%, Billings’ tax rates can be seen as relatively moderate, but they still represent a significant expense for homeowners. Understanding these factors can help residents better anticipate their annual property tax obligations and manage their finances accordingly.
Average Billings Tax Bill
$714
Average Stone County Tax Bill
$460
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | $102 | $311 | $714 | $1,543 | $2,005 |
Source: Ownwell