Lock Springs, Missouri Property Taxes
The median property tax rate in Lock Springs, MO is 1.34%, noticeably higher than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $53,600 in Lock Springs, the typical annual property tax bill reaches $717, which is significantly lower than the national median of $2,690. Property taxes in Lock Springs are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lock Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lock Springs or another part of Daviess County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lock Springs, 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 Lock Springs Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lock Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lock Springs to provide an estimated 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 Daviess County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lock Springs, Missouri
Property taxes in Lock Springs, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lock Springs is 1.34%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lock Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lock Springs 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 Lock Springs' effective property tax rate to other counties in Missouri and the national median. For comparison, the 64654 zip code has both the highest and lowest median property tax rate of 1.34%. Understanding how these cities compare with Lock Springs 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 Lock Springs Tax Rate
1.34%
Average Daviess County Tax Rate
1.28%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lock Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64654 | 1.00% | 1.12% | 1.34% | 1.34% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Lock Springs, Missouri
In Lock Springs, 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 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 Lock Springs, 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 Lock Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $53,600, with the highest and lowest median tax bills both being $717 in the 64654 zip code.
Average Lock Springs Assessed Value
$53,600
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 Lock Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64654 | $41,840 | $46,250 | $53,600 | $107,620 | $140,032 |
Source: Ownwell
Property Tax Bills Across Lock Springs, Missouri
In Lock Springs, located in Daviess County, MO, property tax bills are calculated based on the assessed value of a home. The county assesses property values and then applies the local tax rate to determine the annual tax bill. Factors such as the market value of the property, any improvements made, and local tax levies all play a role in this calculation. For instance, a home with a median market price of $53,600 might see a tax bill ranging from $619 at the 25th percentile to $1,095 at the 75th percentile, with the 90th percentile reaching up to $1,322. This variation can significantly impact homeowners, influencing their annual financial planning and the overall affordability of their property. Compared to the national median property tax rate of 0.99%, Lock Springs homeowners might find their tax bills relatively manageable, but it's essential to consider how these taxes contribute to local services and infrastructure.
Average Lock Springs Tax Bill
$717
Average Daviess County Tax Bill
$845
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lock Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64654 | $560 | $619 | $717 | $1,095 | $1,322 |
Source: Ownwell