Neosho, Missouri Property Taxes
The median property tax rate in Neosho, MO is 0.84%, slightly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Neosho at $111,340, the typical annual property tax bill is $884, which is well below the national median of $2,690. Property taxes in Neosho are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Neosho'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 Neosho or another part of McDonald County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Neosho, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$935
Ownwell’s Neosho Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Neosho with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Neosho 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 Neosho, Missouri
Property taxes in Neosho, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Neosho is 0.84%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Neosho set these rates annually, and they can vary significantly across different neighborhoods. Each year, Neosho 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 Neosho's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64850 zip code has the highest median property tax rate of 0.84%, while the 64850 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Neosho provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Neosho Tax Rate
0.84%
Average Mcdonald County Tax Rate
0.75%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | 0.68% | 0.76% | 0.84% | 0.87% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Neosho, Missouri
In Neosho, 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 McDonald 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. In Neosho, 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 Neosho helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Neosho's median home price is $111,340, with tax bills ranging from $409 at the 25th percentile to $1,956 at the 90th percentile. The highest and lowest median tax bills, both at $884, are found in the 64850 zip code.
Average Neosho Assessed Value
$111,340
Average Mcdonald County Assessed Value
$63,020
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | $32,310 | $46,660 | $111,340 | $205,920 | $252,080 |
Source: Ownwell
Property Tax Bills Across Neosho, Missouri
In Neosho, located in McDonald County, MO, 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 Neosho is $111,340. Property taxes are then determined by applying the local tax rate to this assessed value. For homeowners, this means that the tax bill can vary significantly depending on the value of the property and the specific tax rate applied. Factors such as the property's location, size, and condition play a crucial role in determining its assessed value. In Neosho, the 25th percentile tax bill is $409, while the 75th percentile tax bill is $1,705, and the 90th percentile tax bill reaches $1,956. The highest and lowest median tax bills in Neosho are both $884, highlighting a relatively narrow range of property tax burdens within the city. These variations can significantly impact homeowners, affecting their annual expenses and overall financial planning.
Average Neosho Tax Bill
$884
Average Mcdonald County Tax Bill
$473
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Neosho, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64850 | $254 | $409 | $884 | $1,705 | $1,956 |
Source: Ownwell