Taylor, Missouri Property Taxes
The median property tax rate in Taylor, MO is 1.08%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Taylor at $51,760, the typical annual property tax bill amounts to $499, which is significantly below the national median of $2,690. Property taxes in Taylor are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Taylor'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 Taylor or another part of Lewis County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Taylor, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$559
Ownwell’s Taylor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor 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 Taylor, Missouri
Property taxes in Taylor, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Taylor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor 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 Taylor's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63471 has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Taylor provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylor Tax Rate
1.08%
Average Lewis County Tax Rate
1.06%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63471 | 0.83% | 0.96% | 1.08% | 1.08% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Taylor, Missouri
In Taylor, 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 Lewis 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 Taylor, 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 Taylor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Taylor is $51,760, with tax bills ranging from $424 at the 25th percentile to $1,131 at the 90th percentile. The zip code 63471 has both the highest and lowest median tax bill at $499.
Average Taylor Assessed Value
$51,760
Average Lewis County Assessed Value
$40,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Taylor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63471 | $32,512 | $39,370 | $51,760 | $65,640 | $140,286 |
Source: Ownwell
Property Tax Bills Across Taylor, Missouri
In Taylor, Missouri, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is a percentage of the property's market value, which in Taylor, has a median home price of $51,760. Factors such as property size, location, and improvements can influence this assessed value. Once the assessed value is determined, it is multiplied by the local tax rate to calculate the tax bill. Homeowners in Taylor can expect their property tax bills to vary. For instance, the tax bill at the 25th percentile is $424, while at the 75th percentile, it reaches $707. The tax bill at the 90th percentile can be as high as $1,131. These variations highlight how property characteristics and local tax rates impact the overall tax burden. Comparatively, Taylor's median tax bill is $499, which is lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be a financial relief for homeowners in the area.
Average Taylor Tax Bill
$499
Average Lewis County Tax Bill
$410
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63471 | $364 | $424 | $499 | $707 | $1,131 |
Source: Ownwell