Stotts City, Missouri Property Taxes
The median property tax rate in Stotts City, MO is 0.87%, 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 Stotts City at $78,938, the typical annual property tax bill amounts to $693, significantly below the national median of $2,690. Property taxes in Stotts City are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding the property tax system in Stotts City, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Stotts City or another part of Lawrence County, a thorough grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stotts City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$687
Ownwell’s Stotts City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stotts City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stotts 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 Stotts City, Missouri
Property taxes in Stotts City, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stotts City is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Stotts City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stotts 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 Stotts City's effective property tax rate to other regions in Missouri and the national median. For comparison, the zip code 65756 has both the highest and lowest median property tax rate of 0.87%. Understanding how these areas compare with Stotts City 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 Stotts City Tax Rate
0.87%
Average Lawrence County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stotts City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65756 | 0.74% | 0.80% | 0.87% | 0.90% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Stotts City, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Stotts City, 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 Stotts 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. For instance, the median home price in Stotts City is $78,938, with the 25th percentile tax bill at $335 and the 75th percentile tax bill at $1,214. The highest median tax bill in the area is $693, found in zip code 65756, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Stotts City Assessed Value
$78,938
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 Stotts City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65756 | $17,042 | $37,526 | $78,938 | $141,601 | $231,809 |
Source: Ownwell
Property Tax Bills Across Stotts City, Missouri
In Stotts City, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. Lawrence County uses a rate that aligns with the state's guidelines to determine this assessed value. For instance, with a median home price of $78,938, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $335 annually, while those in the 75th percentile pay approximately $1,214. At the 90th percentile, the tax bill can reach $1,876. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence your home's assessed value. These property taxes are essential for funding local services like schools, roads, and emergency services, directly impacting the quality of life in Stotts City. Compared to the national median property tax rate of 0.99%, the rates in this area show a wide range, reflecting the diverse economic landscape and property values within the community.
Average Stotts City Tax Bill
$693
Average Lawrence County Tax Bill
$784
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Stotts City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65756 | $174 | $335 | $693 | $1,214 | $1,876 |
Source: Ownwell