Lockwood, Missouri Property Taxes
The median property tax rate in Lockwood, MO is 0.76%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lockwood, the typical annual property tax bill reaches $320, significantly below the national median of $2,690. Property taxes in Lockwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lockwood'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 Lockwood 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
Lockwood, 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 Lockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockwood 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 Lockwood, Missouri
Property taxes in Lockwood, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockwood is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Lockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockwood 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 Lockwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65682 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Lockwood provides valuable insights into the varying tax landscape across Barton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockwood Tax Rate
0.76%
Average Barton County Tax Rate
1.13%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | 0.66% | 0.70% | 0.76% | 0.82% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Lockwood, Missouri
In Lockwood, 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 Barton 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 Lockwood, 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 Lockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is $320 in the 65682 zip code, while the lowest median tax bill is also $320 in the same zip code.
Average Lockwood Assessed Value
$44,634
Average Barton County Assessed Value
$57,829
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | $31,748 | $36,580 | $44,634 | $52,687 | $57,520 |
Source: Ownwell
Property Tax Bills Across Lockwood, Missouri
In Lockwood, located in Barton County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. For instance, if a home has a median market price of $44,634, the assessed value is derived from this figure. The tax rate is then applied to the assessed value to determine the final tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Lockwood can expect their property tax bills to vary; the 25th percentile tax bill is around $286, while the 75th percentile reaches $354, and the 90th percentile is $374. These figures are relatively low compared to the national median property tax rate of 0.99%, making Lockwood an affordable area for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Lockwood Tax Bill
$320
Average Barton County Tax Bill
$634
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | $266 | $286 | $320 | $354 | $374 |
Source: Ownwell