Lockwood, Missouri Property Taxes
The median property tax rate in Lockwood, MO is 0.91%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lockwood, the typical annual property tax bill is $458, significantly below the national median of $2,690. Property taxes in Lockwood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lockwood'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 Lockwood 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
Lockwood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$550
Ownwell’s Lockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lockwood 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 Lockwood, Missouri
Property taxes in Lockwood, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lockwood stands at 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Lockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lockwood 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 Lockwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65682 has both the highest and lowest median property tax rate of 0.91%. Understanding how these cities compare with Lockwood provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lockwood Tax Rate
0.91%
Average Lawrence County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | 0.72% | 0.78% | 0.91% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Lockwood, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lockwood, Missouri. 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 Lawrence County Assessor 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 Lockwood, 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 Lockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lockwood, the highest median tax bill is $458 in the 65682 zip code, while the lowest median tax bill is also $458 in the same zip code.
Average Lockwood Assessed Value
$60,425
Average Lawrence County Assessed Value
$87,220
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | $20,342 | $37,055 | $60,425 | $118,824 | $151,417 |
Source: Ownwell
Property Tax Bills Across Lockwood, Missouri
In Lockwood, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the home's location within Lawrence County and any applicable exemptions or deductions can also influence the final amount. For instance, with a median home price of $60,425, the property tax bills in Lockwood range significantly. At the 25th percentile, homeowners might pay around $343 annually, while those at the 75th percentile could see bills closer to $924. The 90th percentile tax bill can go up to $1,293. Despite these variations, the highest and lowest median tax bills in the area are both $458, reflecting a relatively consistent tax environment within the 65682 zip code. Compared to the national median property tax rate of 0.99%, Lockwood's property tax rates can offer some relief to homeowners, making it an attractive location for those looking to manage their property tax expenses effectively.
Average Lockwood Tax Bill
$458
Average Lawrence County Tax Bill
$784
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lockwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65682 | $182 | $343 | $458 | $924 | $1,293 |
Source: Ownwell