Fortuna, Missouri Property Taxes
The median property tax rate in Fortuna, MO is 0.73%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Fortuna at $96,900, the typical annual property tax bill reaches $718, which is significantly below the national median of $2,690. Property taxes in Fortuna 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 Fortuna'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 Fortuna 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
Fortuna, 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 Fortuna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fortuna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fortuna 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 Fortuna, Missouri
Property taxes in Fortuna, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fortuna is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Fortuna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fortuna 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 Fortuna's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65034 has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Fortuna 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 Fortuna Tax Rate
0.73%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fortuna, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65034 | 0.59% | 0.66% | 0.73% | 0.83% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Fortuna, Missouri
In Fortuna, Missouri, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. For tax purposes, this value is estimated by local authorities. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fortuna, assessment notices are generally mailed out in the spring, typically 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 these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Awareness of these processes helps identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively. Notably, the zip code 65034 in Morgan County has both the highest and lowest median tax bill at $718.
Average Fortuna Assessed Value
$96,900
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 Fortuna, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65034 | $24,580 | $53,800 | $96,900 | $161,650 | $283,240 |
Source: Ownwell
Property Tax Bills Across Fortuna, Missouri
In Fortuna, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Fortuna is $96,900, the assessed value would be a fraction of that amount. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. The tax bill can vary significantly, with the 25th percentile at $398 and the 75th percentile at $1,295, indicating a wide range of possible tax amounts. The highest median tax bill in the area is $718, which is lower than the national median property tax rate of 0.99%. For homeowners, this means that understanding the assessed value and the local tax rate is crucial for budgeting and financial planning. A higher assessed value or tax rate directly translates to a higher tax bill, impacting overall housing affordability.
Average Fortuna Tax Bill
$718
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fortuna, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65034 | $152 | $398 | $718 | $1,295 | $2,079 |
Source: Ownwell