Lake Lafayette, Missouri Property Taxes
The median property tax rate in Lake Lafayette, MO is 0.84%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $38,805 in Lake Lafayette, the typical annual property tax bill is approximately $123, significantly below the national median of $2,690. Property taxes in Lake Lafayette are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lake Lafayette'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 Lake Lafayette or another part of the city, grasping the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Lafayette, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$326
Ownwell’s Lake Lafayette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Lafayette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Lafayette 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 Lafayette, Missouri
Property taxes in Lake Lafayette, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Lafayette is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Lafayette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Lafayette 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 Lafayette's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64076 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Lake Lafayette provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Lafayette Tax Rate
0.84%
Average Lafayette County Tax Rate
1.10%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Lafayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | 0.29% | 0.50% | 0.84% | 1.19% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Lake Lafayette, Missouri
In Lake Lafayette, 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 Lafayette 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. Lake Lafayette's median home price is $38,805, with tax bills ranging from $115 at the 25th percentile to $135 at the 90th percentile. The highest and lowest median tax bills are both $123, found in the 64076 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Lafayette Assessed Value
$38,805
Average Lafayette County Assessed Value
$57,532
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Lafayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | $14,961 | $23,902 | $38,805 | $53,708 | $62,649 |
Source: Ownwell
Property Tax Bills Across Lake Lafayette, Missouri
Property tax bills in Lake Lafayette, Lafayette County, MO, are calculated based on the assessed value of a property, which is a percentage of its market value. In this region, the process begins with the local assessor determining the market value of a home, which is then multiplied by the assessment ratio to arrive at the assessed value. This assessed value is then subjected to the local tax rate to calculate the property tax bill. For homeowners in Lake Lafayette, the median home price is $38,805. Property tax bills can vary significantly, with the 25th percentile bill being $115 and the 90th percentile reaching $135. The highest and lowest median tax bills are both recorded at $123 in the 64076 zip code, making it a relatively consistent area in terms of property taxation. Compared to the national median property tax rate of 0.99%, homeowners in Lake Lafayette generally experience lower property tax bills, which can be a financial relief. However, it is essential for homeowners to stay informed about their property assessments and any changes in tax rates to effectively manage their annual expenses.
Average Lake Lafayette Tax Bill
$123
Average Lafayette County Tax Bill
$641
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Lafayette, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | $110 | $115 | $123 | $130 | $135 |
Source: Ownwell