Lake Lotawana, Missouri Property Taxes
The median property tax rate in Lake Lotawana, MO is 1.55%, considerably higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Lake Lotawana at $321,500, the typical annual property tax bill reaches $4,736, exceeding the national median of $2,690. Property taxes in Lake Lotawana 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 Lake Lotawana'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 Lake Lotawana 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
Lake Lotawana, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$4,983
Ownwell’s Lake Lotawana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lotawana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lotawana 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 Lake Lotawana, Missouri
Property taxes in Lake Lotawana, Missouri, play an essential role in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lotawana is 1.55%, significantly higher than the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lake Lotawana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Lotawana 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 Lake Lotawana's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 64086 has both the highest and lowest median property tax rate of 1.55%, matching Lake Lotawana's rate. Understanding how these areas compare with Lake Lotawana provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Lake Lotawana Tax Rate
1.55%
Average Jackson County Tax Rate
1.56%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lotawana, Missouri
In Lake Lotawana, 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 Jackson 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. 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 Lake Lotawana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in the area is $4,736 in zip code 64086, while the lowest is also $4,736 in the same zip code. The median home price in Lake Lotawana is $321,500, with tax bills ranging from $2,775 at the 25th percentile to $12,097 at the 90th percentile.
Average Lake Lotawana Assessed Value
$321,500
Average Jackson County Assessed Value
$127,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | $96,460 | $185,000 | $321,500 | $527,750 | $806,800 |
Source: Ownwell
Property Tax Bills Across Lake Lotawana, Missouri
In Lake Lotawana, located in Jackson County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the property's market value, location, and any applicable exemptions play a significant role in this calculation. For instance, the median home price in Lake Lotawana is $321,500, which directly influences the assessed value and, consequently, the tax bill. Homeowners in Lake Lotawana experience a range of tax bills. The 25th percentile tax bill is approximately $2,775, while the 75th percentile tax bill can reach up to $7,693. For those at the 90th percentile, the tax bill can be as high as $12,097. These figures highlight the variability in property tax expenses depending on the value and specific characteristics of the property. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Lake Lotawana Tax Bill
$4,736
Average Jackson County Tax Bill
$2,070
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lotawana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64086 | $1,515 | $2,775 | $4,736 | $7,693 | $12,097 |
Source: Ownwell