Galena, Missouri Property Taxes
The median property tax rate in Galena, MO is 0.93%, which is 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 $54,950 in Galena, the typical annual property tax bill amounts to $513, far less than the national median of $2,690. Property taxes in Galena are calculated based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Galena'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 Galena 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
Galena, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$511
Ownwell’s Galena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galena 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 Galena, Missouri
Property taxes in Galena, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galena is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Galena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galena 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 Galena's effective property tax rate to other areas in Missouri and the national median. For comparison, the 65656 zip code has the highest median property tax rate of 0.93%, while the 65737 zip code has the lowest median tax rate of 0.88%. Understanding how these areas compare with Galena 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 Galena 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 Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | 0.89% | 0.92% | 0.93% | 0.93% | 0.96% |
| 65737 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Galena, Missouri
In Galena, 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 Galena, 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 Galena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $513 in zip code 65656, while the lowest is $102 in zip code 65737.
Average Galena Assessed Value
$54,950
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 Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | $8,400 | $22,700 | $55,000 | $108,800 | $173,460 |
| 65737 | $11,600 | $11,600 | $11,600 | $11,600 | $11,600 |
Source: Ownwell
Property Tax Bills Across Galena, Missouri
In Galena, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Stone County, where Galena is located, the tax rates can vary, but they are generally influenced by the county's budgetary needs and voter-approved levies. Homeowners in Galena can expect their tax bills to be influenced by the median home price, which is $54,950. The tax bill for properties in the 25th percentile is around $209, while those in the 75th percentile can reach up to $1009. For higher-valued properties in the 90th percentile, the tax bill can go up to $1608. The highest median tax bill recorded in the region is $513 in the 65656 zip code, whereas the lowest is $102 in the 65737 zip code. These variations can impact homeowners differently, depending on their property's assessed value and the specific tax rate applied.
Average Galena Tax Bill
$513
Average Stone County Tax Bill
$460
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | $79 | $209 | $513 | $1,009 | $1,609 |
| 65737 | $102 | $102 | $102 | $102 | $102 |
Source: Ownwell