Bloomfield, Missouri Property Taxes
The median property tax rate in Bloomfield, MO is 1.96%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Bloomfield being $6,400, the typical annual property tax bill reaches $125, which is significantly lower than the national median of $2,690. Property taxes in Bloomfield 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 Bloomfield'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 Bloomfield or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bloomfield, 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 Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Bloomfield, Missouri
Property taxes in Bloomfield, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield is 0.68%, lower than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63825 zip code has the highest median property tax rate of 0.68%, while the same 63825 zip code also has the lowest median tax rate of 0.68%. Understanding how these cities compare with Bloomfield provides valuable insights into the varying tax landscape across Stoddard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bloomfield Tax Rate
1.96%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63825 | 1.96% | 1.96% | 1.96% | 1.97% | 1.97% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bloomfield, Missouri. 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 local 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 Bloomfield, 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 Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in Bloomfield, the zip code with the highest median tax bill is 63825, with a median tax bill of $125.00. By contrast, the same zip code also has the lowest median tax bill, highlighting the variability in tax assessments within the area.
Average Bloomfield Assessed Value
$6,400
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63825 | $3,200 | $4,400 | $6,400 | $8,400 | $9,600 |
Source: Ownwell
Property Tax Bills Across Bloomfield, Missouri
In Bloomfield, located in Morgan County, MO, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the property's market value, which is determined by local assessors. For instance, if your home has a median market price of $6,400, the assessed value will be a fraction of this amount. Once the assessed value is established, local tax rates are applied to determine the final tax bill. In Bloomfield, tax bills can vary significantly. For example, the 25th percentile tax bill is around $86, while the 75th percentile tax bill reaches up to $164. At the higher end, the 90th percentile tax bill is approximately $188. Interestingly, the highest and lowest median tax bills in the area are both $125, indicating a relatively narrow range of tax obligations. Understanding these factors is crucial for homeowners, as they directly impact annual expenses. With a national median property tax rate of 0.99%, Bloomfield's tax rates offer a comparative perspective on the local tax burden.
Average Bloomfield Tax Bill
$125
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63825 | $63 | $86 | $125 | $164 | $188 |
Source: Ownwell