Cape Fair, Missouri Property Taxes
The median property tax rate in Cape Fair, MO, is 0.93%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $55,600 in Cape Fair, the typical annual property tax bill is around $517, significantly below the national median of $2,690. Property taxes in Cape Fair are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Cape Fair's property tax system, leveraging available exemptions, and identifying potential reductions can result in substantial yearly savings. Whether you're in the heart of Cape Fair or another part of Stone County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Cape Fair, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$517
Ownwell’s Cape Fair Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cape Fair with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cape Fair 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 Cape Fair, Missouri
Property taxes in Cape Fair, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cape Fair is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Cape Fair set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cape Fair 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 Cape Fair's effective property tax rate to other areas in Missouri and the national median. For comparison, the 65624 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Cape Fair 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 Cape Fair Tax Rate
0.93%
Average Stone County Tax Rate
0.93%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cape Fair, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65624 | 0.88% | 0.92% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Cape Fair, Missouri
In Cape Fair, 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 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. 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. In Cape Fair, the zip code with the highest median tax bill is 65624, with a median tax bill of $517. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cape Fair Assessed Value
$55,600
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 Cape Fair, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65624 | $8,400 | $20,500 | $55,600 | $121,600 | $195,810 |
Source: Ownwell
Property Tax Bills Across Cape Fair, Missouri
In Cape Fair, property tax bills are determined based on the assessed value of a property, which is calculated as a percentage of its market value. For homeowners, this process begins with the county assessor evaluating the market value of their property. The assessed value is then derived from this market value, and local tax rates are applied to calculate the final tax bill. Several factors influence this calculation, including the property's location, size, and condition. In Cape Fair, the median home price is $55,600. Tax bills can vary significantly, with the 25th percentile at $183 and the 75th percentile reaching $1,136. The highest median tax bill recorded in the area is $517, which is relatively modest when compared to the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as they directly impact their annual expenses. A higher assessed value or increased tax rate can lead to a substantial tax bill, affecting overall affordability and financial planning.
Average Cape Fair Tax Bill
$517
Average Stone County Tax Bill
$460
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Cape Fair, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65624 | $76 | $183 | $517 | $1,136 | $1,822 |
Source: Ownwell