Central City, Missouri Property Taxes
The median property tax rate in Central City, MO is 0.84%, 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 Central City, the typical annual property tax bill is $14, significantly below the national median of $2,690. Property taxes in Central City 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 Central City'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 Central City 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
Central City, 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 Central City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Central City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Central City 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 Central City, Missouri
Property taxes in Central City, Missouri, are pivotal in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Central City is 0.84%, slightly below the U.S. national median of 0.99%. Local government entities within Central City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Central City 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 Central City's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest and lowest median property tax rates in the region are both 0.84%, found in the zip code 64801. Understanding how these areas compare with Central City provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central City Tax Rate
0.84%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64801 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Central City, Missouri
In Central City, 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 Morgan 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 Central City, 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 Central City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are both $14, reflecting a consistent tax burden across the city.
Average Central City Assessed Value
$1,700
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 Central City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64801 | $1,700 | $1,700 | $1,700 | $1,700 | $1,700 |
Source: Ownwell
Property Tax Bills Across Central City, Missouri
In Central City, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by a percentage of its market value. The local tax rate is then applied to this assessed value. For instance, if a home has a market value of $1,700, the assessed value would be a fraction of that amount, as determined by Missouri's assessment ratio. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, any applicable exemptions, and local government budgets. In Central City, the tax bill for homeowners falls within a narrow range, with the 25th, 75th, and 90th percentiles all at $14. This consistency suggests a relatively stable tax environment for residents. Compared to the national median property tax rate of 0.99%, the property tax rate in Central City is significantly lower, making it an attractive location for homeowners seeking lower tax burdens.
Average Central City Tax Bill
$14
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Central City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64801 | $14 | $14 | $14 | $14 | $14 |
Source: Ownwell