Latham, Missouri Property Taxes
The median property tax rate in Latham, MO is 0.90%, 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 Latham, the typical annual property tax bill is $1,145, falling below the national median of $2,690. Property taxes in Latham are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Latham'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 Latham or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latham, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$1,161
Ownwell’s Latham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Latham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Latham 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 Latham, Missouri
Property taxes in Latham, Missouri, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Latham is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Latham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Latham 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 Latham's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65050 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Latham provides valuable insights into the varying tax landscape across Moniteau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Latham Tax Rate
0.90%
Average Moniteau County Tax Rate
1.03%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65050 | 0.72% | 0.80% | 0.90% | 0.91% | 2.52% |
Source: Ownwell
Property Tax Assessment Values Across Latham, Missouri
In Latham, 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 Moniteau 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 Latham, 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 Latham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,145, found in zip code 65050.
Average Latham Assessed Value
$129,050
Average Moniteau County Assessed Value
$88,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65050 | $39,290 | $70,955 | $129,050 | $179,725 | $230,980 |
Source: Ownwell
Property Tax Bills Across Latham, Missouri
In Latham, located in Moniteau County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, market conditions, and local government budgets influence the assessed value and, consequently, the tax bill. For homeowners in Latham, the median home price stands at $129,050. Property tax bills can vary significantly, with the 25th percentile at $690 and the 75th percentile reaching $1,753. At the higher end, the 90th percentile tax bill can soar to $4,885. These variations illustrate how different factors impact the final tax amount. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark to understand the local tax burden. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Latham Tax Bill
$1,145
Average Moniteau County Tax Bill
$1,018
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Latham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65050 | $357 | $690 | $1,145 | $1,753 | $4,885 |
Source: Ownwell