Albany, Missouri Property Taxes
The median property tax rate in Albany, Missouri is 1.30%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Albany, the typical annual property tax bill reaches $692, which is significantly lower than the national median of $2,690. Property taxes in Albany 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 Albany'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 Albany 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
Albany, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$705
Ownwell’s Albany Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albany with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albany 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 Albany, Missouri
Property taxes in Albany, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Albany stands at 1.30%, which is notably higher than the U.S. national median of 0.99%. Local government entities within Albany determine these rates annually, and they can vary significantly across different neighborhoods. Each year, Albany 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 Albany's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64402 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these cities compare with Albany provides valuable insights into the varying tax landscape across Gentry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albany Tax Rate
1.30%
Average Gentry County Tax Rate
1.36%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albany, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64402 | 1.18% | 1.30% | 1.30% | 1.30% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Albany, Missouri
In Albany, 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 Gentry 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 Albany, 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. For instance, the median home price in Albany is $54,195, with tax bills ranging from $392 at the 25th percentile to $1,693 at the 90th percentile. The highest and lowest median tax bills both stand at $692 in the 64402 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albany Assessed Value
$54,195
Average Gentry County Assessed Value
$52,950
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albany, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64402 | $12,695 | $30,558 | $54,195 | $84,852 | $132,975 |
Source: Ownwell
Property Tax Bills Across Albany, Missouri
In Albany, Gentry County, MO, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Albany is $54,195. Once the assessed value is determined, local tax rates are applied to calculate the tax bill. For homeowners in Albany, the 25th percentile tax bill is around $392, while the 75th percentile tax bill reaches $1,093. The 90th percentile tax bill can be as high as $1,693, indicating a significant range depending on the property's assessed value and applicable exemptions. Factors that influence the tax bill include the home's assessed value, local tax rates, and any exemptions for which the homeowner may qualify. These property taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Albany's tax rates can vary, but understanding these factors helps homeowners anticipate and manage their annual tax obligations more effectively.
Average Albany Tax Bill
$692
Average Gentry County Tax Bill
$746
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Albany, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64402 | $160 | $392 | $692 | $1,093 | $1,693 |
Source: Ownwell