Freeburg, Missouri Property Taxes
The median property tax rate in Freeburg, MO, is 3.01%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Freeburg, the typical annual property tax bill reaches $36, falling below the national median of $2,690. Property taxes in Freeburg 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 Freeburg'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 Freeburg 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
Freeburg, 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 Freeburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeburg 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 Freeburg, Missouri
Property taxes in Freeburg, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeburg is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Freeburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeburg 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. Understanding how Freeburg compares within Morgan County and against national medians provides valuable insights into the local tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeburg Tax Rate
3.01%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62243 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Freeburg, Missouri
In Freeburg, 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 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 Freeburg, 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 Freeburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Freeburg is $1,200, with tax bills in the 25th, 75th, and 90th percentiles all at $36.
Average Freeburg Assessed Value
$1,200
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 Freeburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62243 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
Source: Ownwell
Property Tax Bills Across Freeburg, Missouri
In Freeburg, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The county's tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Freeburg face a median property tax rate significantly lower than the national median of 0.99%. For instance, with a median home price of $1,200, property tax bills range from $36 at the 25th percentile to $36 at the 90th percentile, showcasing a relatively stable and low tax burden. This low tax rate can make homeownership more affordable and attractive, reducing the financial strain on residents. The consistent tax bills across different percentiles indicate a uniform approach in tax assessments, ensuring predictability and fairness for homeowners. This stability and affordability in property taxes can positively impact the community by making housing more accessible and encouraging long-term residency.
Average Freeburg Tax Bill
$36
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62243 | $36 | $36 | $36 | $36 | $36 |
Source: Ownwell