Mount Vernon, Missouri Property Taxes
The median property tax rate in Mount Vernon, MO is 0.93%, slightly below both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value in Mount Vernon of $103,149, the typical annual property tax bill is approximately $928, which is significantly lower than the national median of $2,690. Property taxes in Mount Vernon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mount Vernon'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 Mount Vernon 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
Mount Vernon, 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 Mount Vernon Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mount Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mount Vernon to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in trends at a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by Lawrence County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mount Vernon, Missouri
Property taxes in Mount Vernon, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Vernon is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Mount Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mount Vernon 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 Mount Vernon's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65712 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Mount Vernon 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 Mount Vernon Tax Rate
0.93%
Average Lawrence County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Vernon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65712 | 0.82% | 0.89% | 0.93% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Mount Vernon, Missouri
In Mount Vernon, 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 Lawrence 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 Mount Vernon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $928, found in the 65712 zip code, which is also the lowest median tax bill.
Average Mount Vernon Assessed Value
$103,149
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 Mount Vernon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65712 | $31,505 | $56,284 | $103,149 | $172,972 | $253,279 |
Source: Ownwell
Property Tax Bills Across Mount Vernon, Missouri
In Mount Vernon, Missouri, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $103,149, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the property tax bill, including the property's location within Lawrence County and any applicable exemptions or deductions. The tax bill can range significantly; for instance, at the 25th percentile, homeowners might pay around $512, while those at the 75th percentile could see bills as high as $1,573. At the 90th percentile, tax bills can reach up to $2,288. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life in Mount Vernon. Homeowners must budget for these taxes as part of their annual housing costs, influencing their overall financial planning.
Average Mount Vernon Tax Bill
$928
Average Lawrence County Tax Bill
$784
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Vernon, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65712 | $295 | $512 | $928 | $1,573 | $2,288 |
Source: Ownwell