Bourbon, Missouri Property Taxes
The median property tax rate in Bourbon, MO is 0.95%, slightly below the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Bourbon at $142,570, the typical annual property tax bill amounts to $1,301, which is significantly less than the national median of $2,690. Property taxes in Bourbon are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bourbon'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 Bourbon or another part of Franklin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bourbon, 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 Bourbon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bourbon with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bourbon to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bourbon, Missouri
Property taxes in Bourbon, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bourbon is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Bourbon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bourbon 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 Bourbon's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65441 has the highest median property tax rate of 0.95%, while the lowest median tax rate is also 0.95%. Understanding how these cities compare with Bourbon provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bourbon Tax Rate
0.95%
Average Franklin County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | 0.85% | 0.90% | 0.95% | 0.97% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Bourbon, Missouri
In Bourbon, 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 Franklin County Assessor's Office 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 Bourbon, 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 Bourbon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1301 in the 65441 zip code, while the lowest also stands at $1301 in the same zip code.
Average Bourbon Assessed Value
$142,570
Average Franklin County Assessed Value
$143,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | $97,840 | $112,845 | $142,570 | $179,155 | $232,756 |
Source: Ownwell
Property Tax Bills Across Bourbon, Missouri
In Bourbon, located in Franklin County, MO, property tax bills are calculated based on the assessed value of your home, which is a percentage of the market value. The median home price in Bourbon is $142,570. Property tax rates in this area are influenced by local government budgets and the needs of public services such as schools and infrastructure. The median property tax bill in Bourbon is around $1,301, which is higher than the national median property tax rate of 0.99%. For homeowners in the 25th percentile, the tax bill is approximately $1,028, while those in the 75th percentile can expect to pay about $1,726. At the 90th percentile, the tax bill rises to $2,244. These tax bills directly impact homeowners by affecting their annual household budgets. Higher property taxes can lead to increased monthly mortgage payments if taxes are escrowed, or require a significant lump-sum payment if paid annually. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Bourbon Tax Bill
$1,301
Average Franklin County Tax Bill
$1,687
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Bourbon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65441 | $919 | $1,028 | $1,301 | $1,726 | $2,244 |
Source: Ownwell