Taylor, Missouri Property Taxes
The median property tax rate in Taylor, MO is 0.97%, slightly below the national median of 0.99% and significantly lower than Missouri's state median of 1.20%. With a median home value of $114,140 in Taylor, the typical annual property tax bill amounts to $1,082, which is considerably less than 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 those for primary residences and agricultural properties. By understanding Taylor's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Taylor or investing in its real estate market, a thorough understanding of the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Taylor, 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 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 0.97%, slightly below 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 63471 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these cities compare with Taylor provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Taylor Tax Rate
0.97%
Average Marion County Tax Rate
1.02%
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 | 0.64% | 0.86% | 0.97% | 1.02% | 1.04% |
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 Marion 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 zip code with the highest and lowest median tax bill is 63471, with a median tax bill of $1082.
Average Taylor Assessed Value
$114,140
Average Marion County Assessed Value
$80,490
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 | $22,444 | $56,630 | $114,140 | $177,035 | $271,632 |
Source: Ownwell
Property Tax Bills Across Taylor, Missouri
In Taylor, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Taylor is $114,140, the assessed value would be a portion of this amount, which is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Taylor face varying tax bills depending on these assessments. At the 25th percentile, tax bills are around $542, while at the 75th percentile, they rise to approximately $1601. The 90th percentile sees tax bills as high as $2676. These figures highlight the range of property tax obligations residents might encounter. Compared to the national median property tax rate of 0.99%, Taylor's rates can significantly impact homeowners' annual expenses, making it crucial to understand how these taxes are computed and managed.
Average Taylor Tax Bill
$1,082
Average Marion County Tax Bill
$807
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 | $191 | $542 | $1,082 | $1,601 | $2,676 |
Source: Ownwell