Otterville, Missouri Property Taxes
The median property tax rate in Otterville, MO is 1.31%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Otterville at $53,750, the typical annual property tax bill reaches $752, which is below the national median of $2,690. Property taxes in Otterville 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 Otterville'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 Otterville 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
Otterville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$704
Ownwell’s Otterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otterville 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 Otterville, Missouri
Property taxes in Otterville, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otterville is 0.77%, lower than both the Missouri state median of 0.93% and the U.S. national median of 0.99%. Local government entities within Otterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otterville 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 Otterville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65348 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Otterville provides valuable insights into the varying tax landscape across Cooper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otterville Tax Rate
1.31%
Average Cooper County Tax Rate
1.38%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | 0.90% | 1.14% | 1.31% | 1.79% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Otterville, Missouri
In Otterville, 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 Cooper 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 Otterville, 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. The median home price in Otterville stands at $53,750, with tax bills varying widely, from the 25th percentile at $482 to the 90th percentile at $2,063. The zip code 65348 has both the highest and lowest median tax bills at $752. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Otterville Assessed Value
$53,750
Average Cooper County Assessed Value
$83,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $22,350 | $32,625 | $53,750 | $91,700 | $166,150 |
Source: Ownwell
Property Tax Bills Across Otterville, Missouri
In Otterville, located in Cooper County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Otterville typically face a property tax rate that aligns closely with the national median of 0.99%. For instance, with a median home price of $53,750, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $482, while the 75th percentile sees bills as high as $1,193. At the 90th percentile, tax bills can reach up to $2,063. Several factors influence these calculations, including the property's market value, assessment ratio, and local tax rates. The highest and lowest median tax bills in Otterville are both recorded at $752, indicating a level of consistency in the area's property tax assessments. These tax obligations significantly impact homeowners, influencing their annual budgets and long-term financial planning. Understanding these factors can help homeowners better anticipate their property tax responsibilities and manage their finances more effectively.
Average Otterville Tax Bill
$752
Average Cooper County Tax Bill
$1,092
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $310 | $482 | $752 | $1,193 | $2,063 |
Source: Ownwell