Milo, Missouri Property Taxes
The median property tax rate in Milo, MO, is 0.93%, 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 $41,255 in Milo, the typical annual property tax bill is around $406, which is much less than the national median of $2,690. Property taxes in Milo are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Milo'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 Milo or another part of Vernon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$384
-$4,021
Ownwell’s Milo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milo 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 Milo, Missouri
Property taxes in Milo, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milo is 0.93%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Milo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milo 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 Milo's effective property tax rate to other areas in Missouri and the national median. For comparison, the 64767 zip code has the highest median property tax rate of 0.93%, while the same 64767 zip code also has the lowest median tax rate of 0.93%. Understanding how these areas compare with Milo provides valuable insights into the varying tax landscape across Vernon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milo Tax Rate
0.93%
Average Vernon County Tax Rate
1.01%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64767 | 0.69% | 0.83% | 0.93% | 1.03% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Milo, Missouri
In Milo, 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 Vernon 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 Milo, 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. For instance, the zip code 64767 has both the highest and lowest median tax bill at $406. Being aware of these valuation processes in Milo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milo Assessed Value
$41,255
Average Vernon County Assessed Value
$51,890
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64767 | $2,950 | $15,022 | $41,255 | $85,952 | $139,665 |
Source: Ownwell
Property Tax Bills Across Milo, Missouri
In Milo, located in Vernon County, MO, 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 Milo is $41,255. Property taxes are determined by multiplying the assessed value by the local tax rate. Factors such as property improvements and changes in the local tax rate can affect the tax bill. For homeowners, this means that any increase in their property's market value or changes in local tax policies can lead to higher tax bills. The 25th percentile tax bill in Milo is $144, while the 75th percentile tax bill is $777, and the 90th percentile tax bill reaches $1,191. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding the property tax landscape. Homeowners in Milo should be aware of these factors to anticipate their tax obligations and manage their finances effectively.
Average Milo Tax Bill
$406
Average Vernon County Tax Bill
$536
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Milo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64767 | $33 | $144 | $406 | $777 | $1,191 |
Source: Ownwell