Knox City, Missouri Property Taxes
The median property tax rate in Knox City, MO is 0.73%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Knox City at $30,785, the typical annual property tax bill reaches $247, well below the national median of $2,690. Property taxes in Knox City 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 Knox City'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 Knox City 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
Knox City, 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 Knox City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Knox City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Knox City 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 Knox City, Missouri
Property taxes in Knox City, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Knox City is 0.73%, lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Knox City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Knox City 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 Knox City's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63446 has both the highest and lowest median property tax rate of 0.73%. Understanding how these areas compare with Knox City provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Knox City Tax Rate
0.73%
Average Knox County Tax Rate
0.72%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Knox City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63446 | 0.69% | 0.69% | 0.73% | 1.03% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Knox City, Missouri
In Knox City, 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 local 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 Knox City, 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 Knox City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code 63446 has both the highest and lowest median tax bill at $247, highlighting the uniformity within this region.
Average Knox City Assessed Value
$30,785
Average Knox County Assessed Value
$29,820
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Knox City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63446 | $4,909 | $14,355 | $30,785 | $62,580 | $122,906 |
Source: Ownwell
Property Tax Bills Across Knox City, Missouri
In Knox City, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Knox City is $30,785. Local tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the home’s assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners in Knox City, property tax bills can vary significantly. For example, the tax bill at the 25th percentile is $113, while at the 75th percentile, it is $535. At the 90th percentile, homeowners may see bills as high as $1,021. Comparatively, the highest median tax bill in the region is $247, which is relatively low when compared to the national median property tax rate of 0.99%. These taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Knox City Tax Bill
$247
Average Knox County Tax Bill
$245
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Knox City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63446 | $37 | $113 | $247 | $535 | $1,021 |
Source: Ownwell