Florence, Missouri Property Taxes
The median property tax rate in Florence, MO is 0.78%, 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 Florence at $98,200, the typical annual property tax bill amounts to $792, significantly below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Florence'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 Florence 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
Florence, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$766
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Missouri
Property taxes in Florence, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 0.78%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65329 zip code has both the highest and lowest median property tax rate of 0.78%. Understanding how these cities compare with Florence 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 Florence Tax Rate
0.78%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65329 | 0.65% | 0.73% | 0.78% | 0.89% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Missouri
In Florence, 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 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 Florence, 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the median tax bill in the 65329 zip code is $792.
Average Florence Assessed Value
$98,200
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 Florence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65329 | $26,500 | $55,975 | $98,200 | $146,250 | $213,010 |
Source: Ownwell
Property Tax Bills Across Florence, Missouri
In Florence, located in Morgan 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 Florence is $98,200. Tax rates are applied to this assessed value to determine the annual property tax bill. For instance, homeowners in the 25th percentile can expect to pay around $425, while those in the 75th percentile may see bills as high as $1,160. At the 90th percentile, property tax bills can reach up to $1,780. These property taxes fund essential local services such as schools, public safety, and infrastructure. The median property tax rate in Florence is relatively low compared to the national median property tax rate of 0.99%, making it a more affordable option for homeowners. However, the variation in tax bills can significantly impact household budgets, especially for those with properties assessed at higher values. Understanding how these taxes are calculated can help homeowners better plan their finances and anticipate future expenses.
Average Florence Tax Bill
$792
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65329 | $187 | $425 | $792 | $1,160 | $1,780 |
Source: Ownwell