Brookfield, Missouri Property Taxes
The median property tax rate in Brookfield, MO is 1.18%, slightly higher than the national median of 0.99% but just below Missouri's state median of 1.20%. With a median home value of $9,900 in Brookfield, the typical annual property tax bill amounts to $147, significantly lower than the national median of $2,690. Property taxes in Brookfield are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Brookfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Brookfield or another part of Linn County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Brookfield, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$117
Ownwell’s Brookfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brookfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brookfield 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 Brookfield, Missouri
Property taxes in Brookfield, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brookfield is 1.18%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Brookfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brookfield 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 Brookfield's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64628 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Brookfield provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Brookfield Tax Rate
1.18%
Average Linn County Tax Rate
1.13%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Brookfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64628 | 0.77% | 0.97% | 1.18% | 1.19% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Brookfield, Missouri
In Brookfield, 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 Linn 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 Brookfield, 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. The median home price in Brookfield is $9,900, with tax bills ranging from $46 at the 25th percentile to $1,384 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Brookfield Assessed Value
$9,900
Average Linn County Assessed Value
$25,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Brookfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64628 | $2,600 | $3,900 | $9,900 | $57,250 | $121,100 |
Source: Ownwell
Property Tax Bills Across Brookfield, Missouri
In Brookfield, Missouri, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Brookfield is $9,900. Property taxes are determined by applying the local tax rate to this assessed value. Homeowners in Brookfield can expect their tax bills to vary significantly, with the 25th percentile paying around $46 annually, while those in the 75th percentile face bills up to $657. At the 90th percentile, tax bills can soar to $1,384. Several factors influence these tax bills, including property improvements, neighborhood developments, and changes in market conditions. The highest and lowest median tax bills in the area are both $147, indicating a relatively uniform distribution within certain zip codes. Compared to the national median property tax rate of 0.99%, Brookfield offers a more affordable tax environment, which can be a significant advantage for homeowners looking to manage their annual expenses effectively.
Average Brookfield Tax Bill
$147
Average Linn County Tax Bill
$264
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Brookfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64628 | $30 | $46 | $147 | $657 | $1,384 |
Source: Ownwell