Altamont, Missouri Property Taxes
The median property tax rate in Altamont, MO is 1.20%, which matches the Missouri state median but is higher than the national median of 0.99%. With a median home value of $73,110 in Altamont, the typical annual property tax bill amounts to $871, which is significantly lower than the national median of $2,690. Property taxes in Altamont are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Altamont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Altamont or another part of the city, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Altamont, 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 Altamont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Altamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Altamont 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 Altamont, Missouri
Property taxes in Altamont, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Altamont is 1.20%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Altamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Altamont 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 Altamont's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64620 zip code has the highest median property tax rate of 1.20%, while the 64620 zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Altamont provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Altamont Tax Rate
1.20%
Average Daviess County Tax Rate
1.28%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Altamont, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64620 | 1.16% | 1.16% | 1.20% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Altamont, Missouri
In Altamont, 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 Daviess 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 Altamont, 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 Altamont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 64620, with a tax bill of $871.00, while the zip code with the lowest median tax bill is also 64620, with the same value.
Average Altamont Assessed Value
$73,110
Average Daviess County Assessed Value
$66,100
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Altamont, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64620 | $9,698 | $23,530 | $73,110 | $185,890 | $284,124 |
Source: Ownwell
Property Tax Bills Across Altamont, Missouri
Property tax bills in Altamont, located in Daviess County, MO, are determined by assessing the market value of a property and then applying the local tax rate. The median home price in Altamont is $73,110. Homeowners can expect their tax bills to vary significantly depending on the value of their property. For properties in the 25th percentile, the tax bill is around $312, while those in the 75th percentile see tax bills closer to $2,242. At the 90th percentile, tax bills can reach up to $3,374. The highest median tax bill recorded in the area is $871, which is consistent across the specified zip code 64620. These tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Altamont experience a wide range of tax bills, reflecting the diverse property values within the region. This variability can significantly impact homeowners' annual expenses and financial planning.
Average Altamont Tax Bill
$871
Average Daviess County Tax Bill
$845
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Altamont, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64620 | $126 | $312 | $871 | $2,242 | $3,374 |
Source: Ownwell